Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
The real estate has a tenure of 103 years from 1980, which implies it has a remaining lease of 59 years. Its ground level taking up 732 sq ft is zoned for business usage, whilst the 850 sq ft upper ground is alloted for residence usage.
A two-storey HDB shophouse near Bukit Merah Central will be put up for public auction by SRI on November 27. Based upon its floor surface area of 1,582 sq ft, the guide price of the shophouse is $2.55 million or $1,612 psf.
As HDB shophouses are deemed commercial property, the shophouse will be qualified for acquisition by foreigners. However, increased buyer’s stamp duty will most likely be payable on the property’s non commercial part, whereas the business component is going to be subject to the goods and services taxation.
The estate has received a number of enquiries from attracted parties, reveals Liew. “These are typically capitalists who are attracted to the building’s location in the main area of Bukit Merah,” he includes.
The shophouse is completely tenanted and will be sold with its existing occupancies. The ground level is subleased to a Domino’s Pizza restaurant till 2026, whereas the higher ground is leased to a residential renter till 2027.
The shophouse is in just walking range 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 approximately a 15-minute walk away.
The shophouse is located inside the Bukit Merah Town Centre that makes up a cluster of structures with stores and other facilities, 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 center.
A proprietor’s sale, this is the very first time the real estate is going up for sell-off, according to Eric Liew, manager of auction sales at SRI. “The proprietor means to market the property to cash in their assets,” he explains.
Data put together on EdgeProp Study presents that the latest business transaction at 161 Bukit Merah Central was the profit of a 1,582 sq ft shophouse that yielded $1.5 million ($948 psf) in March 2021.
