Archive for category: Misc

A highly coveted freehold corner shophouse at 247 and 249 Joo Chiat Place in District 15 has been successfully transacted for $8.55 million. This translates to a rate of $2,902 per square foot (psf) based on the total floor area of the property. The sale was facilitated by ETC, the real estate agency known for its expertise in shophouse transactions. The deal was sealed after a highly competitive expression of interest exercise, which attracted a significant number of bids from both investors and F&B operators.

The 5,482 square foot corner shophouse, located at the junction of Still Road and Joo Chiat Place, boasts an estimated floor area of 2,946 sq ft, subject to final survey. Its attractive dual frontage and rare permanent approval for use as an “eating house” makes it a highly sought-after property in the East Coast/Joo Chiat precinct, according to ETC.

One of the key highlights of the shophouse is its current tenant, Eng Seng Restaurant. Established decades ago, the seafood eatery is well-known for its signature black pepper crab. However, the restaurant will cease operations on August 31, paving the way for the new owner to explore other potential business opportunities.

When it comes to investing in a condo, financing is a crucial element to consider. In Singapore, there are various mortgage choices available, but it is vital to have a good understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can acquire, taking into account their income and existing debt obligations. Seeking guidance from financial advisors or mortgage brokers can aid investors in making well-informed decisions about their financing options and prevent them from being too heavily laden with debt. Along with this, investors can also explore the opportunities provided by New Condo Launches to further enhance their investment.

“The sale of this shophouse stands testament to the enduring appeal of prime properties in strategic locations,” shared Swee Shou Fern, head of investment advisory at ETC, which is a part of Realion Group. “In particular, shophouses that are approved for use as eating houses remain a resilient and highly sought-after investment class due to their scarcity and stable demand.”

The Downtown East area boasts a wide selection of restaurants and cafes that cater to night owls. From prata houses along Loyang Avenue to dessert stalls just a short drive away on Pasir Ris Drive 3, there is no shortage of options for those looking to grab a late night bite. This is especially convenient for residents who wish to continue their conversations after sunset, whether it be a quick post-movie snack or a relaxed late supper after a stroll on the nearby beach. Living in this area means never having to go far for a meal, as there are plenty of dining choices nearby. One popular spot for delicious food and drinks is Coastal Cabana CNQC, located just a stone’s throw away. So why not make a visit to Coastal Cabana CNQC and enjoy a satisfying late night meal?

Other recent shophouse transactions in the Joo Chiat area include those at Straits at Joo Chiat, which achieved a 20% sales rate at an average price of $2,100 psf over the weekend. Furthermore, a three-storey shophouse at Joo Chiat Place was also transacted for $7.5 million, and a three-storey corner terraced house at Joo Chiat Place sold for $5.2 million. With the recent uptick in shophouse transactions in the area, it is evident that investors continue to recognise the long-term value and potential of such tightly held assets in prime locations.