Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
A two-storey HDB shophouse along Bukit Merah Central is going to be set up for auction by SRI on November 27. Based upon its floor area of 1,582 sq ft, the guide cost of the shophouse is $2.55 million or $1,612 psf.
The shophouse is totally tenanted and are going to be sold with its presenting occupancies. The ground level is rented out to a Domino’s Pizza dining establishment till 2026, while the higher ground is leased to a non commercial renter till 2027.
The shophouse is in just walking range of the Bukit Merah bus interchange near Bukit Merah Central, the Gan Eng Seng Primary School and Bukit Merah Secondary School. The Redhill MRT Stop is around a 15-minute walk away.
The building has a tenure of 103 years from 1980, which suggests it has a remaining contract of 59 years. Its ground level occupying 732 sq ft is zoned for commercial usage, whilst the 850 sq ft top floor is saved for residential use.
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The property has actually gotten a few enquiries from interested parties, mentions Liew. “These are usually capitalists that are attracted to the property’s area in the central area of Bukit Merah,” he adds.
An owner’s sale, this is the very first time the real estate is going up for sell-off, according to Eric Liew, manager of auction sales at SRI. “The proprietor intends to offer the real property to liquidate their venture,” he says.
As HDB shophouses are considered business property, the shophouse is going to be eligible for acquisition by foreigners. However, increased purchaser’s stamp responsibility will be payable on the property’s residential segment, while the business element is going to be subject to the goods and services tax.
The shophouse lies within the Bukit Merah Neighborhood Centre that makes up a cluster of buildings with stores and other facilities, featuring the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is also a four-storey boutique convention facility, Rubikon, and Gateway Theatre, a performing arts centre.
Information put together on EdgeProp Research shows that the latest commercial transaction at 161 Bukit Merah Central was the sale of a 1,582 sq ft shophouse that obtained $1.5 million ($948 psf) in March 2021.
