Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
The shophouse is totally tenanted and are going to be sold with its presenting tenancies. The ground floor is subleased to a Domino’s Pizza dining establishment up until 2026, while the upper level is leased to a non commercial renter up until 2027.
A two-storey HDB shophouse near Bukit Merah Central is going to be set up for public auction by SRI on November 27. Based upon its floor surface area of 1,582 sq ft, the overview price of the shophouse is $2.55 million or $1,612 psf.
Data put together on EdgeProp Research presents that the most recent business purchase at 161 Bukit Merah Central was the profit of a 1,582 sq ft shophouse that fetched $1.5 million ($948 psf) in March 2021.
The shophouse is just within walking range of the Bukit Merah bus interchange along Bukit Merah Central, the Gan Eng Seng Primary School and Bukit Merah Secondary School. The Redhill MRT Station is about a 15-minute walk away.
As HDB shophouses are deemed commercial building, the shophouse will be qualified for acquisition by foreigners. However, additional purchaser’s stamp responsibility will most likely be payable on the property’s residential component, whereas the commercial part will be susceptible to the goods and services taxation.
The shophouse is located inside the Bukit Merah Neighborhood Centre that makes up a collection of buildings with shops and other facilities, including the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is even a four-storey shop convention facility, Rubikon, and Gateway Theatre, a performing arts centre.
The property has obtained a number of enquiries from potential parties, mentions Liew. “These are typically investors that are attracted to the property’s location in the central area of Bukit Merah,” he includes.
A proprietor’s sale, this is the very first time the property is going up for auction, according to Eric Liew, manager of auction sales at SRI. “The owner intends to sell the real estate to liquidate their investment,” he explains.
The property has a term of 103 years from 1980, which means it has a remaining lease of 59 years. Its ground floor occupying 732 sq ft is zoned for commercial usage, whilst the 850 sq ft top floor is saved for residential usage.
