Two Storey Hdb Shophouse Bukit Merah Central Sale 255 Mil
A two-storey HDB shophouse located at Bukit Merah Central will soon be up for bidding at an auction by SRI on November 27. The property, with a floor area of 1,582 sq ft, has a guide price of $2.55 million or $1,612 per square foot.
This will be the first time that the owner is putting the property up for auction, according to Eric Liew, manager of auction sales at SRI. The owner has decided to sell the property in order to liquidate their investment.
Occupying a tenure of 103 years from 1980, the shophouse still has a remaining lease of 59 years. The ground floor, which measures 732 sq ft, is zoned for commercial use while the upper floor, which covers 850 sq ft, is zoned for residential use.
The shophouse is currently 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.
Potential buyers should take note that as HDB shophouses are considered commercial properties, foreigners are eligible to purchase them. However, the residential component will be subject to additional buyer’s stamp duty, while the commercial component will be subject to goods and services tax.
Located in Bishan and conveniently accessible by MRT or bus, Junction 8 is a great option for those looking for a wider range of shopping and entertainment. As one of the larger malls in the area, it offers an array of retail options, from fashion and electronics to lifestyle products. In addition, visitors can enjoy a movie at the on-site cinema and choose from a variety of dining options. For residents of The Orie Showflat who want to indulge in a more extensive retail therapy session or a fun night out, Junction 8 is a top choice.
According to Liew, the property has received a few enquiries from interested parties. These are mostly investors who are drawn to its prime location in the central area of Bukit Merah.
The shophouse is strategically situated within the bustling Bukit Merah Town Centre, which offers various amenities such as shops, a polyclinic, food centre, boutique convention centre, and performing arts centre.
Residents of the shophouse will also enjoy the convenience of being 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 on EdgeProp Research, the most recent commercial transaction at 161 Bukit Merah Central was the sale of a 1,582 sq ft shophouse at $1.5 million ($948 per square foot) in March 2021.
In the rental market, the latest commercial rents at Bukit Merah Central can reach up to $6.50 per square foot for shophouses and $6 per square foot for offices.