Joo Chiat shophouse, occupied by Eng Seng restaurant, sold for S$8.55 million

A freehold corner shophouse in Joo Chiat was recently sold for S$8.55 million, or S$2,902 per square foot.

The multi-million dollar sale was first reported by property portal EdgeProp on Aug. 15.

The coffee shop is located on the junction of Joo Chiat Place and Still Road.

It is currently occupied by Eng Seng Restaurant, a seafood establishment.

Eng Seng Restaurant will reportedly cease operations on Aug. 31.

The sale was brokered by real estate agency Edmund Tie & Company (ETC).

According to a May. 20 press release by ETC, the corner property occupies a land area of 5,482 square feet and has an estimated floor area of 2,946 square feet, subject to a final survey.

It boasts a "high visibility with dual frontage" along Still Road and Joo Chiat Place.

The unit also holds permanent approval for use as a "eating house", which is no longer granted to new applications for shophouse in the East Coast and Joo Chiat area, ETC wrote.

The coffee shop was also marketed as being near Eunos MRT station, well-known schools and Parkway East Hospital.

The guide price was S$8.5 million, and was open for sale to both local and foreign buyers.

According to EdgeProp, the sale closed after drawing interest from investors and F&B operators, with multiple competitive bids before the Jun. 26 deadline.

Top image via Edmund Tie & Company