Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
The real estate has obtained a number of enquiries from interested parties, tells Liew. “These are typically capitalists that are drawn in to the building’s location in the central area of Bukit Merah,” he includes.
A two-storey HDB shophouse along Bukit Merah Central is going to be raised for auction by SRI on November 27. Based on its floor area of 1,582 sq ft, the overview cost of the shophouse is $2.55 million or $1,612 psf.
The shophouse is located within the Bukit Merah Neighborhood Centre which makes up a collection of buildings with shops and other features, offering the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is also a four-storey shop convention facility, Rubikon, and Gateway Theater, a performing arts facility.
A proprietor’s sale, this is the first time the property is going up for auction sale, according to Eric Liew, supervisor of auction sales at SRI. “The owner means to market the property to cash in their assets,” he explains.
Data compiled on EdgeProp Study shows that the most recent commercial transaction at 161 Bukit Merah Central was the sale of a 1,582 sq ft shophouse that yielded $1.5 million ($948 psf) in March 2021.
As HDB shophouses are deemed business building, the shophouse is going to be qualified for purchase by foreigners. However, additional buyer’s stamp obligation will be payable on the property’s residential component, while the commercial element will be subject to the goods and services tax.
The shophouse is completely tenanted and will be marketed with its presenting tenancies. The ground level is rented out to a Domino’s Pizza restaurant up until 2026, whilst the top floor is leased to a residential renter up until 2027.
The property has a term of 103 years from 1980, which implies it has a going on rent of 59 years. Its ground floor taking up 732 sq ft is zoned for commercial use, whilst the 850 sq ft higher level is saved for residence use.
The shophouse is within 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 approximately a 15-minute walk away.
