Two-storey HDB shophouse at Bukit Merah Central for sale at $2.55 mil
Data compiled on EdgeProp Study shows that the most recent commercial deal at 161 Bukit Merah Central was the sale 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 put up for public auction by SRI on November 27. Based on its floor area of 1,582 sq ft, the guide price of the shophouse is $2.55 million or $1,612 psf.
A proprietor’s sale, this is the very first time the property is going up for sell-off, according to Eric Liew, manager of auction sales at SRI. “The owner means to sell the real property to cash in their venture,” he mentions.
The estate has obtained a few queries from attracted parties, says Liew. “These are generally financiers that are attracted to the property’s area in the main area of Bukit Merah,” he adds.
As HDB shophouses are regarded commercial building, the shophouse will be qualified for acquisition by foreigners. However, additional purchaser’s stamp duty will most likely be payable on the property’s residential part, while the business part is going to be susceptible to the goods and services tax obligation.
Newport Residences condominium
The shophouse lies inside the Bukit Merah Town Centre that makes up a collection of structures with shops and other services, including the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is also a four-storey store convention centre, Rubikon, and Gateway Theatre, a performing arts center.
The shophouse is completely tenanted and will be offered with its existing occupancies. The ground floor is subleased to a Domino’s Pizza restaurant up until 2026, whilst the higher level is rented to a residential renter until 2027.
The property has a tenure of 103 years from 1980, which indicates it has a standing rent of 59 years. Its ground floor occupying 732 sq ft is zoned for commercial use, while the 850 sq ft top level is zoned for housing use.
The shophouse is in just 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 Station is around a 15-minute walk away.
