Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
The property has a tenure of 103 years from 1980, that indicates it has a standing lease of 59 years. Its ground floor occupying 732 sq ft is zoned for business usage, while the 850 sq ft upper level is saved for residential usage.
Information put together on EdgeProp Research study shows that the latest commercial transaction at 161 Bukit Merah Central was the sale of a 1,582 sq ft shophouse that fetched $1.5 million ($948 psf) in March 2021.
As HDB shophouses are deemed business real estate, the shophouse is going to be eligible for acquisition by foreigners. However, increased purchaser’s stamp duty will be payable on the property’s non commercial component, whereas the business element is going to be subject to the goods and services tax obligation.
The shophouse is totally tenanted and are going to be sold with its presenting tenancies. The ground level is subleased to a Domino’s Pizza restaurant up until 2026, whilst the higher ground is leased to a non commercial tenant up until 2027.
The shophouse is in just 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 Terminal is about a 15-minute walk away.
A proprietor’s sale, this is the very first time the property is going up for auction sale, according to Eric Liew, manager of auction sales at SRI. “The owner aims to sell the real estate to liquidate their assets,” he mentions.
The estate has received a number of enquiries from potential parties, says Liew. “These are commonly investors that are drawn in to the building’s site in the main area of Bukit Merah,” he includes.
The shophouse rises throughout the Bukit Merah Town Center that comprises a cluster of structures with stores and other amenities, offering the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is even a four-storey store convention hub, Rubikon, and Gateway Theatre, a performing arts facility.
A two-storey HDB shophouse around Bukit Merah Central will be set up for auction by SRI on November 27. Based on its floor surface area of 1,582 sq ft, the guide cost of the shophouse is $2.55 million or $1,612 psf.
