Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
A two-storey HDB shophouse near Bukit Merah Central will be raised for public auction by SRI on November 27. Based upon its floor surface measurement of 1,582 sq ft, the guide price of the shophouse is $2.55 million or $1,612 psf.
The real estate has a period of 103 years from 1980, that implies it has a standing lease of 59 years. Its ground level taking up 732 sq ft is zoned for business usage, while the 850 sq ft upper level is alloted for housing usage.
An owner’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 means to offer the real property to cash in their venture,” he mentions.
As HDB shophouses are considered business building, the shophouse will be qualified for purchase by immigrants. However, more buyer’s stamp duty will most likely be payable on the property’s housing segment, whereas the commercial element will be subject to the goods and services tax.
The shophouse stands within the Bukit Merah Neighborhood Centre that makes up a cluster of buildings with stores and other features, offering the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is also a four-storey boutique convention centre, Rubikon, and Gateway Theatre, a performing arts centre.
The shophouse is in just 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 around a 15-minute walk away.
The shophouse is fully tenanted and are going to be offered with its existing occupancies. The ground floor is subleased to a Domino’s Pizza restaurant up until 2026, while the higher ground is leased to a non commercial renter till 2027.
Data put together on EdgeProp Research study presents that the latest business purchase at 161 Bukit Merah Central was the purchase of a 1,582 sq ft shophouse that yielded $1.5 million ($948 psf) in March 2021.
The estate has actually obtained a few enquiries from potential parties, says Liew. “These are typically investors who are drawn in to the property’s site in the main area of Bukit Merah,” he includes.
