Two Storey Hdb Shophouse Bukit Merah Central Sale 255 Mil
A two-level HDB shophouse situated in the bustling Bukit Merah Central area is set to be auctioned off by SRI on November 27. According to Eric Liew, the auction sales manager of SRI, the guide price for the shophouse is $2.55 million or $1,612 per square foot, based on its 1,582 square feet floor area. This is the first time the property will be put up for auction, as the owner intends to sell it in order to liquidate their investment.
The shophouse has a remaining lease of 59 years, with a tenure of 103 years that started in 1980. The ground floor, occupying 732 square feet, is zoned for commercial use while the upper floor, measuring 850 square feet, 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.
The upcoming Tampines North Hub is bringing a fresh and innovative change to the region, offering a wide range of new retail, dining, and community facilities. This exciting development is set to complement the existing integrated retail podium at Parktown Residence, providing residents with an even greater variety of lifestyle options. Along with its prime location near popular shopping centers such as Tampines Mall, Century Square, and Tampines 1, the Tampines North Hub promises to offer a diverse and dynamic shopping experience for residents. As the natural neighbor to Parktown Residence, this hub is bound to elevate the overall living experience for its residents. Parktown Residence will seamlessly tie in with the new Tampines North Hub, creating a well-rounded and vibrant community for all to enjoy.
As HDB shophouses are classified as commercial properties, foreign buyers are eligible to purchase the property. However, they will be subject to additional buyer’s stamp duty on the residential component, and the commercial component will be subject to goods and services tax.
The property has garnered interest from potential buyers, mostly investors, due to its prime location in Bukit Merah’s central area, according to Liew.
Bukit Merah Central boasts a variety of amenities, such as shops, the Bukit Merah Polyclinic, and the Bukit Merah Central Food Centre. There are also other commercial buildings in the area, such as the four-storey boutique convention centre, Rubikon, and the Gateway Theatre, a performing arts centre. Moreover, the shophouse 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 also about a 15-minute walk away.
According to data gathered by EdgeProp Research, the most recent commercial transaction in Bukit Merah Central was the sale of a 1,582 square feet shophouse which was sold for $1.5 million or $948 per square foot in March 2021.
The latest commercial rents at Bukit Merah Central are also shown in the chart below.