SINGAPORE (EDGEPROP) – A two-storey HDB shophouse along Bukit Merah Central will be put up for 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.
An owner’s sale, this is the first time the property is going up for auction, according to Eric Liew, manager of auction sales at SRI. “The owner intends to sell the property to liquidate their investment,” he says.
The property has a tenure of 103 years from 1980, which means it has a remaining lease of 59 years. Its ground floor occupying 732 sq ft is zoned for commercial use, while the 850 sq ft upper floor 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 leased to a residential tenant until 2027.
The shophouse’s ground floor occupies 732 sq ft and is tenanted to an F&B restaurant until 2026 (Photo: SRI)
As HDB shophouses are considered commercial property, the shophouse will be eligible for purchase by foreigners. However, additional buyer’s stamp duty will be payable on the property’s residential component, while the commercial component will be subject to the goods and services tax.
The property has received a few enquiries from interested parties, says Liew. “These are typically investors who are attracted to the property’s location in the central area of Bukit Merah,” he adds.
The upper floor of the shophouse is tenanted to a residential tenant until 2027 (Photo: SRI)
The shophouse is located within the Bukit Merah Town Centre which comprises a cluster of buildings with shops and other amenities, including the Bukit Merah Polyclinic and Bukit Merah Central Food Centre. There is also a four-storey boutique convention centre, Rubikon, and Gateway Theatre, a performing arts centre.
The shophouse is within 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 about a 15-minute walk away.
Data compiled on EdgeProp Research shows that the latest commercial transaction 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.
Latest commercial rents at Bukit Merah Central (Photo: EP Buddy)
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