Freehold Joo Chiat Corner Shophouse Home Eng Seng Restaurant Sold 855 Mil
Residents can now enjoy a contemporary café experience or a leisurely weekend brunch by heading over to the charming eateries and bakeries near Seletar Aerospace Park. The short drive from Miltonia Close will bring them to these establishments, which are housed in beautifully preserved colonial buildings. These cafés and bakeries offer a unique atmosphere that is not commonly found in other parts of Singapore. With their selection of artisanal coffee, delectable brunch platters, pastries, and fusion dishes, these popular spots are perfect for family outings or casual catch-ups with friends. And for those residing at Miltonia Close, these cafes and bakeries are just a stone’s throw away.
A shophouse situated at the distinguished location of 247 and 249 Joo Chiat Place in District 15, has recently been sold for $8.55 million. This amounts to $2,902 per square foot, based on floor area. The transaction was successfully facilitated by ETC, after an expression of interest exercise that attracted strong interest from both investors and F&B operators. Several competitive bids were received, before the deal was finally sealed on June 26.
Currently occupied by Eng Seng Restaurant, a renowned seafood eatery known for its signature black pepper crab, the property will undergo a change of ownership on August 31. The shophouse, positioned at the junction of Still Road and Joo Chiat Place, covers a total land area of 5,482 square feet and has a projected floor area of 2,946 square feet, which is subject to final survey. With prominent dual frontage, the property holds a rare permanent approval for use as an “eating house” – a classification that is no longer granted to shophouses in the East Coast/Joo Chiat precinct, according to ETC.
The recent sale serves as a testament to the enduring appeal of tightly held assets in prime locations, remarks Swee Shou Fern, Head of Investment Advisory at ETC, which is a subsidiary of Realion Group. “Eating houses, in particular, continue to remain a resilient and sought-after investment class due to their scarcity and stable demand.”