Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
The shophouse rises throughout the Bukit Merah Town Center which makes up 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 boutique convention hub, Rubikon, and Gateway Theater, a performing arts centre.
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 Stop is around a 15-minute walk away.
Information gathered on EdgeProp Research presents that the latest business purchase at 161 Bukit Merah Central was the purchase of a 1,582 sq ft shophouse that fetched $1.5 million ($948 psf) in March 2021.
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 price of the shophouse is $2.55 million or $1,612 psf.
The property has actually received a few queries from attracted parties, mentions Liew. “These are usually capitalists that are drawn in to the building’s area in the main area of Bukit Merah,” he adds.
The building has a period of 103 years from 1980, which means it has a standing rent of 59 years. Its ground level taking up 732 sq ft is zoned for commercial use, while the 850 sq ft top ground is zoned for non commercial usage.
The Myst Condo City Developments Limited
The shophouse is fully tenanted and are going to be sold with its existing tenancies. The ground floor is rented to a Domino’s Pizza restaurant until 2026, whilst the upper ground is leased to a non commercial tenant till 2027.
As HDB shophouses are deemed commercial real estate, the shophouse will be qualified for purchase by immigrants. However, increased buyer’s stamp duty will most likely be payable on the property’s non commercial component, whereas the business component will be subject to the goods and services tax obligation.
A proprietor’s sale, this is the first time the real estate is going up for auction, according to Eric Liew, manager of auction sales at SRI. “The proprietor intends to market the real property to liquidate their assets,” he says.
