Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
The shophouse lies throughout the Bukit Merah Neighborhood Centre that comprises a collection of buildings with shops and other facilities, featuring the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is additionally a four-storey boutique convention hub, Rubikon, and Gateway Theater, a performing arts centre.
A two-storey HDB shophouse along Bukit Merah Central will be set up for public auction by SRI on November 27. Based upon its floor measurement of 1,582 sq ft, the guide cost of the shophouse is $2.55 million or $1,612 psf.
The building has a tenure of 103 years from 1980, that indicates it has a remaining lease of 59 years. Its ground level occupying 732 sq ft is zoned for business usage, while the 850 sq ft top level is zoned for residence use.
The shophouse is 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 Terminal is about a 15-minute walk away.
The real estate has obtained a couple of enquiries from interested parties, reveals Liew. “These are generally investors that are attracted to the building’s site in the main area of Bukit Merah,” he adds.
Information gathered on EdgeProp Research study shows that the latest business transaction 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.
An owner’s sale, this is the first time the real estate is going up for auction, according to Eric Liew, supervisor of auction sales at SRI. “The owner means to market the real property to sell off their assets,” he says.
As HDB shophouses are deemed business property, the shophouse will be eligible for acquisition by foreigners. However, additional purchaser’s stamp obligation will be payable on the property’s non commercial segment, whereas the business element is going to be susceptible to the goods and services taxation.
The shophouse is fully tenanted and will be offered with its presenting tenancies. The ground floor is leased to a Domino’s Pizza restaurant till 2026, whilst the upper level is leased to a non commercial occupant up until 2027.
