A freehold corner shophouse at Joo Chiat sold for S$8.55 million, showing how strong demand for these tightly held assets remains. With its rare approvals and prime location, this Joo Chiat shophouse for sale attracted plenty of attention from both investors and F&B operators.
Table of contents
- Transaction details
- Current tenant
- Property details
- Market commentary
- Market perspectives on shophouses
- Outlook
Transaction details
| Property type | Freehold corner shophouse |
| Location | 247 & 249 Joo Chiat Place, District 15 (junction of Still Road and Joo Chiat) |
| Sale price | S$8.55 million |
| Price per square foot | S$2,902 psf |
| Land size | Approximately 5,482 sqft |
| Estimated floor area | About 2,946 sqft |
| Current tenant | Eng Seng Restaurant |
| Tenant’s operation end | August 31 |
| Unique feature | Holds permanent F&B approval |
The property at 247 and 249 Joo Chiat Place in District 15 changed hands for S$8.55 million. Based on its floor area, the price works out to about S$2,902 per square foot. The deal was managed by ETC, which launched the shophouse through an expression of interest exercise. This method drew plenty of interest, leading to several competitive bids before the deadline on June 26.
Current tenant
At the moment, the shophouse is home to Eng Seng Restaurant, a seafood eatery that has been around for decades. Many know it for its black pepper crab and the long queues outside the shop. However, the restaurant will be closing its doors on August 31, marking the end of an era for many loyal customers.
Property details
The shophouse is positioned at the junction of Still Road and Joo Chiat Place, giving it excellent visibility. Sitting on a corner plot of about 5,482 square feet, it has an estimated floor area of 2,946 square feet, pending final survey. You will also notice its dual frontage, which makes it even more appealing for commercial use.
Another important feature is that this freehold shophouse holds a rare permanent approval for use as an eating house. Such approvals are no longer being issued to shophouses in the East Coast and Joo Chiat precinct, making this corner shophouse especially valuable for F&B operators.
Commercial spaces along Joo Chiat Road
Market commentary
Speaking about the sale, Swee Shou Fern, head of investment advisory at ETC, noted that this deal underlines the continued demand for assets in prime areas. She explained that eating houses remain one of the most resilient and desirable property types, largely because they are scarce and offer steady demand. For buyers like you, this highlights why competition for such properties tends to be strong.
Market perspectives on shophouses
Beyond F&B, shophouses in Singapore have also caught the attention of luxury, lifestyle, and wellness brands. Restored conserved units create retail and dining experiences that modern buildings cannot match. According to Knight Frank’s Mary Sai, shophouses have become “trophy assets,” with prices rising consistently for over 15 years.
Many high-net-worth individuals and family offices are drawn to them despite lower yields, as these properties offer prestige, stability, and long-term branding value. As Savills’ Yap Hui Yee explained, the tight supply caused by conservation rules continues to support their prices. Shophouses also stand out because of their flexibility. With approval, they can be used as retail shops, offices, hotels, or even serviced residences. While returns may be lower compared to other property types, their potential for capital gains remains attractive, and they are less affected by supply cycles.
Outlook
Looking ahead, demand for shophouses is expected to stay strong. Limited supply and strict conservation rules will keep them in demand. As long as family offices and foreign investors continue to view these heritage properties as secure investments, interest in shophouses will only grow further.
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