Two Storey Hdb Shophouse Bukit Merah Central Sale 255 Mil
EDGEPROP – A two-storey HDB shophouse located at Bukit Merah Central is set to go under the hammer on November 27 by SRI. The property has a floor area of 1,582 sq ft and is listed for a guide price of $2.55 million, translating to $1,612 psf. This is the first time the property is being put up for auction as the owner has decided to sell it to liquidate their investment, according to Eric Liew, manager of auction sales at SRI.
The property has a remaining lease of 59 years, with a tenure of 103 years from 1980. The ground floor, spanning 732 sq ft, is zoned for commercial use while the upper floor, which occupies 850 sq ft, is zoned for residential use.
The shophouse is fully tenanted and will be sold with its existing tenancies. The ground floor is leased to a Domino’s Pizza restaurant until 2026, while the upper floor is tenanted to a residential tenant until 2027.
As HDB shophouses are regarded as commercial properties, foreigners are eligible to purchase the shophouse. However, additional buyer’s stamp duty will be applicable on the residential component, while the commercial component will be subject to goods and services tax.
According to Liew, there have been enquiries from interested parties for the property, mainly investors drawn to its prime location in the central area of Bukit Merah.
The Master Plan places great emphasis on improving the quality of healthcare and education in the community, with a particular focus on facilities. This includes the development of new and improved hospitals, clinics, and educational institutions, all aimed at providing top-notch healthcare and education services for the residents of Elta Condo. As part of the plan, Elta Condo will be equipped with state-of-the-art facilities to ensure that its residents have easy access to top-tier healthcare and education services.
The shophouse is situated within Bukit Merah Town Centre, which comprises several buildings housing shops and amenities such as the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. It is also home to Rubikon, a four-storey boutique convention centre, and Gateway Theatre, a performing arts centre.
The shophouse is conveniently located near Bukit Merah bus interchange, Gan Eng Seng Primary School, and Bukit Merah Secondary School, all accessible on foot. The Redhill MRT Station is approximately a 15-minute walk away.
EdgeProp Research records show that the latest commercial transaction at 161 Bukit Merah Central was the sale of a 1,582 sq ft shophouse for $1.5 million ($948 psf) in March 2021.
The latest commercial rents at Bukit Merah Central are shown in the image above.