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EDGEPROP – A HDB shophouse located at Bukit Merah Central will be up for auction on November 27, managed by SRI. With a floor area of 1,582 sq ft, the shophouse has a guide price of $2.55 million, or $1,612 psf.
Owned by a private individual, this is the first time the property is being put up for auction, as indicated by Eric Liew, SRI’s manager of auction sales. The owner’s intention is to sell the property to release their investment.
With a remaining lease of 59 years, the property’s tenure is 103 years from 1980. The lower level of the property, which covers 732 sq ft, is zoned for commercial use, while the upper level, which spans 850 sq ft, is zoned for residential use.
The shophouse is currently fully tenanted and will be sold with its existing tenancies. The commercial space on the lower level is leased to Domino’s Pizza until 2026, while the residential space on the upper level is leased until 2027.
Eligible for purchase by foreigners as it is a commercial property, the residential component of the shophouse will be subject to additional buyer’s stamp duty, while the commercial component will be subject to goods and services tax.
Interested parties have already made enquiries about the property, according to Liew, mainly investors attracted by its central location in Bukit Merah.
Situated within Bukit Merah Town Centre, the shophouse is within a cluster of buildings with various amenities, including the Bukit Merah Polyclinic, Bukit Merah Central Food Centre, and a boutique convention center, Rubikon, and performing arts center, Gateway Theatre.
The property is within walking distance to the Bukit Merah bus interchange, Gan Eng Seng Primary School, and Bukit Merah Secondary School. The Redhill MRT Station is approximately a 15-minute walk away.
According to data compiled by EdgeProp Research, the most recent commercial transaction at 161 Bukit Merah Central was the sale of a 1,582 sq ft shophouse for $1.5 million, or $948 psf, in March 2021.
The latest commercial rental rates at Bukit Merah Central are shown below:
– EP Buddy