Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
Information put together on EdgeProp Research shows that the latest business transaction 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 shophouse is completely tenanted and will be sold with its existing occupancies. The ground floor is leased to a Domino’s Pizza dining establishment till 2026, whilst the top ground is leased to a non commercial tenant till 2027.
A two-storey HDB shophouse around Bukit Merah Central will be set up for public auction by SRI on November 27. Based upon its floor surface measurement of 1,582 sq ft, the overview cost of the shophouse is $2.55 million or $1,612 psf.
As HDB shophouses are deemed business building, the shophouse will be qualified for purchase by immigrants. However, increased buyer’s stamp responsibility will be payable on the property’s non commercial component, while the commercial element is going to be susceptible to the goods and services taxation.
The shophouse is in just 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 Station is around a 15-minute walk away.
An owner’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 property to cash in their venture,” he mentions.
The shophouse stands throughout the Bukit Merah Town Centre that comprises a collection of structures with stores and other features, offering the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is even a four-storey boutique convention centre, Rubikon, and Gateway Theater, a performing arts facility.
The real estate has a term of 103 years from 1980, which suggests it has a going on rent of 59 years. Its ground level taking up 732 sq ft is zoned for commercial use, while the 850 sq ft top floor is alloted for housing usage.
The estate has gotten a number of enquiries from attracted parties, mentions Liew. “These are usually financiers that are drawn in to the property’s location in the main area of Bukit Merah,” he includes.
