Joo Chiat Place Eating House Market 85 Mil
PRICE MOVEMENTSTivoli Grande penthouse SOLD for $1.48 mil at 21% loss A freehold corner shophouse located at 247 and 249 Joo Chiat Place is now on the market for sale. The property, measuring approximately 2,946 sq ft, is available for a guide price of $8.5 million through an expression of interest (EOI) exercise. Based on the estimated floor area, this translates to $2,885 per square foot.
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The Lyndenwoods Science Park Drive, situated near the popular Hwa Chong Institution, offers an exceptional location for families seeking comprehensive educational opportunities for their children. The Hwa Chong Institution, which comprises of an integrated school and junior college, is renowned for its academic excellence and is a notable producer of top scholars and leaders in various fields. With such prestigious institutions in close proximity, Lyndenwoods Science Park Drive is an ideal choice for families looking for a combination of convenience and educational excellence.
Strategically located at the intersection of Still Road and Joo Chiat Place, this shophouse boasts a dual frontage. Sitting on a land area of about 5,482 sq ft, it is zoned for both commercial and residential use. A map displaying the location of 247 and 249 Joo Chiat Place can be viewed on EdgeProp LandLens.
Currently operating as Eng Seng Restaurant, the property has permanent planning approval for use as an eating house. According to ETC, the appointed marketing agency, the East Coast-Joo Chiat area no longer grants approvals for new eating houses in shophouses, which adds to the appeal of this asset.
Swee Shou Fern, head of investment advisory at ETC, comments on this unique opportunity, saying, “This shophouse presents an excellent chance for F&B operators to establish a strategic foothold or for investors seeking a long-term income-generating asset with potential for capital appreciation.” Swee also notes that shophouses with approved F&B use typically command higher rental rates and values.
Situated in District 15, this shophouse is situated in a well-established residential area near the popular Joo Chiat and Katong neighborhoods. Additionally, it is less than 700m away from Eunos MRT Station on the East-West Line.
Swee points out that demand for East Coast shophouses with strong commercial potential has remained resilient. For instance, in December of last year, a shophouse at 207 East Coast Road, formerly occupied by clinics, was sold for $10 million, or $3,703 psf based on the floor area. In the same month, a two-storey shophouse at 364 Joo Chiat Road changed ownership for $6.75 million, or $2,681 psf based on the floor area.
The EOI exercise for this shophouse will close on June 26 at 3pm.