Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
Data gathered on EdgeProp Research shows that the latest commercial purchase 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 property has actually obtained a couple of queries from interested parties, mentions Liew. “These are commonly investors who are attracted to the building’s area in the central area of Bukit Merah,” he includes.
A two-storey HDB shophouse around Bukit Merah Central will be raised for auction by SRI on November 27. Based upon its floor area of 1,582 sq ft, the guide cost of the shophouse is $2.55 million or $1,612 psf.
The shophouse lies within the Bukit Merah Neighborhood Centre which makes up a cluster of buildings with stores and other facilities, offering the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is even a four-storey shop convention centre, Rubikon, and Gateway Theatre, a performing arts facility.
The building has a term of 103 years from 1980, which indicates it has a going on contract of 59 years. Its ground floor taking up 732 sq ft is zoned for business usage, while the 850 sq ft top level is saved for housing use.
An owner’s sale, this is the first time the real estate is going up for auction sale, according to Eric Liew, supervisor of auction sales at SRI. “The proprietor aims to offer the real estate to sell off their investment,” he says.
The shophouse is completely tenanted and are going to be offered with its presenting occupancies. The ground floor is rented out to a Domino’s Pizza restaurant till 2026, whereas the higher ground is rented to a residential tenant till 2027.
As HDB shophouses are deemed business property, the shophouse is going to be qualified for acquisition by immigrants. However, more buyer’s stamp duty will most likely be payable on the property’s residential part, while the business element is going to be subject to the goods and services taxation.
The shophouse is within 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 Stop is around a 15-minute walk away.
