Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
A proprietor’s sale, this is the first time the real estate is going up for auction sale, according to Eric Liew, manager of auction sales at SRI. “The owner intends to market the real estate to liquidate their venture,” he explains.
The shophouse is located within the Bukit Merah Neighborhood Center which comprises a cluster of structures with stores and other services, including the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is additionally a four-storey store convention centre, Rubikon, and Gateway Theater, a performing arts center.
The real estate has a tenure of 103 years from 1980, which suggests 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 zoned for housing usage.
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 estate has actually obtained a couple of queries from potential parties, says Liew. “These are usually capitalists who are attracted to the building’s area in the main area of Bukit Merah,” he adds.
Data put together on EdgeProp Research shows that the latest business deal 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.
The shophouse is totally tenanted and are going to be marketed with its existing tenancies. The ground floor is subleased to a Domino’s Pizza restaurant till 2026, while the higher ground is leased to a non commercial occupant until 2027.
A two-storey HDB shophouse around Bukit Merah Central is going to be put up for public auction by SRI on November 27. Based on its floor surface measurement of 1,582 sq ft, the overview cost of the shophouse is $2.55 million or $1,612 psf.
As HDB shophouses are deemed business building, the shophouse is going to be eligible for purchase by immigrants. However, increased purchaser’s stamp duty will be payable on the property’s residential component, while the commercial element is going to be susceptible to the goods and services tax.
