Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
As HDB shophouses are regarded business real estate, the shophouse will be eligible for purchase by foreigners. However, increased purchaser’s stamp responsibility will most likely be payable on the property’s residential segment, while the commercial component is going to be susceptible to the goods and services tax obligation.
The shophouse is completely tenanted and will be sold with its existing occupancies. The ground level is rented to a Domino’s Pizza dining establishment until 2026, whereas the top floor is rented to a non commercial renter till 2027.
The shophouse rises throughout the Bukit Merah Town Centre that makes up a cluster of structures with stores and other amenities, offering the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is also a four-storey shop convention facility, Rubikon, and Gateway Theater, a performing arts facility.
The property has a term of 103 years from 1980, which means it has a standing lease of 59 years. Its ground floor taking up 732 sq ft is zoned for commercial usage, while the 850 sq ft higher floor is saved for residence use.
Data compiled on EdgeProp Study shows that the most recent business transaction at 161 Bukit Merah Central was the sale of a 1,582 sq ft shophouse that obtained $1.5 million ($948 psf) in March 2021.
A two-storey HDB shophouse around Bukit Merah Central is going to be set up for auction by SRI on November 27. Based upon its floor measurement of 1,582 sq ft, the overview price of the shophouse is $2.55 million or $1,612 psf.
The shophouse is just 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 Terminal is about a 15-minute walk away.
An owner’s sale, this is the very first time the real estate is going up for sell-off, according to Eric Liew, manager of auction sales at SRI. “The owner intends to market the property to cash in their assets,” he says.
The real estate has gotten a couple of queries from potential parties, says Liew. “These are normally financiers who are drawn in to the property’s area in the central area of Bukit Merah,” he adds.
