Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
Data gathered on EdgeProp Research study presents that the latest business purchase at 161 Bukit Merah Central was the sale of a 1,582 sq ft shophouse that fetched $1.5 million ($948 psf) in March 2021.
The property has a term of 103 years from 1980, which means it has a going on contract of 59 years. Its ground floor taking up 732 sq ft is zoned for retail use, whilst the 850 sq ft top floor is zoned for non commercial use.
A two-storey HDB shophouse near Bukit Merah Central is going to be set up for public auction by SRI on November 27. Based on its floor area of 1,582 sq ft, the guide cost of the shophouse is $2.55 million or $1,612 psf.
The shophouse rises inside the Bukit Merah Town Centre which comprises a cluster of buildings with stores and other amenities, featuring the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is even a four-storey shop convention hub, Rubikon, and Gateway Theater, a performing arts facility.
The shophouse is completely tenanted and will be marketed with its presenting tenancies. The ground floor is subleased to a Domino’s Pizza dining establishment up until 2026, whereas the upper level is leased to a non commercial tenant till 2027.
The shophouse is just within 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.
An owner’s sale, this is the very first time the property is going up for sell-off, according to Eric Liew, supervisor of auction sales at SRI. “The proprietor means to sell the real estate to liquidate their assets,” he mentions.
As HDB shophouses are considered commercial property, the shophouse will be qualified for purchase by immigrants. However, more buyer’s stamp duty will be payable on the property’s housing segment, whereas the commercial element is going to be susceptible to the goods and services taxation.
The estate has received a couple of enquiries from potential parties, says Liew. “These are commonly investors that are attracted to the property’s area in the main area of Bukit Merah,” he adds.