Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
A two-storey HDB shophouse along Bukit Merah Central is going to be put up for auction by SRI on November 27. Based upon its floor surface measurement of 1,582 sq ft, the guide price of the shophouse is $2.55 million or $1,612 psf.
The building has a tenure of 103 years from 1980, that means it has a remaining rent of 59 years. Its ground floor occupying 732 sq ft is zoned for commercial use, whilst the 850 sq ft upper floor is zoned for non commercial use.
The shophouse stands inside the Bukit Merah Neighborhood Center which makes up a cluster of buildings with stores and other features, featuring the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is also a four-storey store convention centre, Rubikon, and Gateway Theater, a performing arts facility.
The shophouse is within walking distance 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 about a 15-minute walk away.
The shophouse is completely tenanted and are going to be offered with its presenting occupancies. The ground level is leased to a Domino’s Pizza dining establishment up until 2026, whilst the top floor is leased to a residential occupant till 2027.
As HDB shophouses are deemed business property, the shophouse will be qualified for acquisition by immigrants. However, more purchaser’s stamp obligation will most likely be payable on the property’s residential segment, whereas the commercial part will be subject to the goods and services tax obligation.
The property has actually gotten a number of enquiries from interested parties, tells Liew. “These are commonly financiers who are attracted to the property’s area in the main area of Bukit Merah,” he includes.
A proprietor’s sale, this is the first time the real estate is going up for auction, according to Eric Liew, supervisor of auction sales at SRI. “The proprietor intends to offer the real estate to cash in their venture,” he mentions.
Data gathered on EdgeProp Research presents that the latest business deal at 161 Bukit Merah Central was the profit of a 1,582 sq ft shophouse that yielded $1.5 million ($948 psf) in March 2021.
