Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
The property has gotten a couple of enquiries from attracted parties, mentions Liew. “These are normally financiers that are attracted to the building’s area in the central area of Bukit Merah,” he adds.
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 Station is around a 15-minute walk away.
A two-storey HDB shophouse near Bukit Merah Central will be raised for public auction by SRI on November 27. Based upon its floor measurement of 1,582 sq ft, the overview price of the shophouse is $2.55 million or $1,612 psf.
The real estate has a term of 103 years from 1980, that implies it has a remaining lease of 59 years. Its ground level taking up 732 sq ft is zoned for commercial usage, while the 850 sq ft upper ground is alloted for residence usage.
The shophouse lies within the Bukit Merah Town Center which comprises a collection of structures with shops and other services, offering the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is also a four-storey shop convention facility, Rubikon, and Gateway Theatre, a performing arts centre.
The shophouse is completely tenanted and are going to be marketed with its presenting occupancies. The ground level is rented to a Domino’s Pizza dining establishment up until 2026, whilst the top floor is rented to a non commercial tenant up until 2027.
A proprietor’s sale, this is the very first time the real estate is going up for sell-off, according to Eric Liew, supervisor of auction sales at SRI. “The owner means to sell the real estate to cash in their venture,” he mentions.
Data compiled on EdgeProp Study shows that the latest commercial purchase 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.
As HDB shophouses are regarded commercial real estate, the shophouse will be qualified for purchase by foreigners. However, more purchaser’s stamp duty will most likely be payable on the property’s residential part, whereas the commercial part will be susceptible to the goods and services taxation.
