Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
The property has a tenure of 103 years from 1980, that suggests it has a standing lease of 59 years. Its ground level occupying 732 sq ft is zoned for commercial usage, whilst the 850 sq ft top ground is saved for residence usage.
Information collected on EdgeProp Research shows that the most recent business transaction at 161 Bukit Merah Central was the purchase of a 1,582 sq ft shophouse that obtained $1.5 million ($948 psf) in March 2021.
A proprietor’s sale, this is the very first time the property is going up for auction sale, according to Eric Liew, supervisor of auction sales at SRI. “The owner intends to offer the real property to cash in their assets,” he mentions.
As HDB shophouses are regarded business real estate, the shophouse will be eligible for acquisition by immigrants. However, more buyer’s stamp responsibility will be payable on the property’s residential part, while the business part is going to be subject to the goods and services tax obligation.
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 area of 1,582 sq ft, the guide price of the shophouse is $2.55 million or $1,612 psf.
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 approximately a 15-minute walk away.
The property has gotten a few queries from attracted parties, says Liew. “These are generally capitalists who are attracted to the building’s location in the central area of Bukit Merah,” he adds.
The shophouse is totally tenanted and will be offered with its existing tenancies. The ground floor is subleased to a Domino’s Pizza bistro up until 2026, whilst the upper level is rented to a non commercial renter until 2027.
The shophouse stands within the Bukit Merah Neighborhood Centre which comprises a collection of buildings with stores and other facilities, including the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is also a four-storey boutique convention centre, Rubikon, and Gateway Theatre, a performing arts center.
