Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
A proprietor’s sale, this is the very first time the property is going up for auction sale, according to Eric Liew, supervisor of auction sales at SRI. “The owner means to market the real property to cash in their venture,” he says.
The shophouse is within walking distance of the Bukit Merah bus interchange near Bukit Merah Central, the Gan Eng Seng Primary School and Bukit Merah Secondary School. The Redhill MRT Terminal is about a 15-minute walk away.
As HDB shophouses are deemed business building, the shophouse will be qualified for acquisition by foreigners. However, increased buyer’s stamp duty will most likely be payable on the property’s residential segment, while the commercial component will be subject to the goods and services taxation.
Information put together on EdgeProp Study presents that the most recent business transaction at 161 Bukit Merah Central was the purchase of a 1,582 sq ft shophouse that obtained $1.5 million ($948 psf) in March 2021.
The building has a period of 103 years from 1980, which suggests it has a remaining rent of 59 years. Its ground floor occupying 732 sq ft is zoned for business usage, while the 850 sq ft higher floor is zoned for residence usage.
The shophouse rises within the Bukit Merah Neighborhood Centre that comprises a cluster of structures with stores and other services, featuring the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is additionally a four-storey shop convention centre, Rubikon, and Gateway Theatre, a performing arts center.
The shophouse is completely tenanted and are going to be offered with its existing tenancies. The ground floor is subleased to a Domino’s Pizza dining establishment up until 2026, whilst the higher level is rented to a non commercial occupant until 2027.
A two-storey HDB shophouse along Bukit Merah Central is going to be raised for auction by SRI on November 27. Based upon its floor measurement of 1,582 sq ft, the guide price of the shophouse is $2.55 million or $1,612 psf.
The real estate has received a couple of enquiries from interested parties, mentions Liew. “These are normally investors that are drawn in to the building’s location in the main area of Bukit Merah,” he includes.
