A two-storey HDB shophouse along Bukit Merah Central will be up for auction by SRI on November 27. With a floor area of 1,582 sq ft, the shophouse has a guide price of $2.55 million or $1,612 psf. This is an owner’s sale and the property is being auctioned for the first time, according to Eric Liew, manager of auction sales at SRI. The owner is looking to liquidate their investment. The property has a remaining lease of 59 years and a tenure of 103 years from 1980. The ground floor, which occupies 732 sq ft, is zoned for commercial use while the upper floor, which is 850 sq ft, is zoned for residential use.
The shophouse is fully tenanted and will be sold with its existing tenancies. A Domino’s Pizza restaurant currently occupies the ground floor until 2026, and the upper floor is leased to a residential tenant until 2027. The property has received interest from potential buyers, particularly investors attracted to its prime location in central Bukit Merah. As HDB shophouses are considered commercial property, foreigners can purchase the shophouse. However, additional buyer’s stamp duty will be applicable for the residential component, and the commercial component will be subject to the goods and services tax.
When purchasing a condo, it is crucial to take into account the maintenance and management of the property. Condominiums usually have maintenance fees that cover the maintenance of shared areas and amenities. Though these fees may increase the overall cost of owning a condo, they also guarantee that the property remains well-maintained and holds its value. Employing a property management company can assist investors in handling the daily management of their condos, making it a more hands-off investment. Additionally, for those interested in Singapore projects, it may be worth exploring options offered by companies such as Singapore Projects.
Located within the Bukit Merah Town Centre, the shophouse is within walking distance to amenities such as the Bukit Merah Polyclinic, Bukit Merah Central Food Centre, and a four-storey convention centre, Rubikon, and Gateway Theatre. It is also near the Bukit Merah bus interchange, Gan Eng Seng Primary School, Bukit Merah Secondary School, and a 15-minute walk to Redhill MRT Station.
Data from EdgeProp Research shows that the most recent commercial transaction at 161 Bukit Merah Central was the sale of a 1,582 sq ft shophouse that fetched $1.5 million or $948 psf in March 2021. Current commercial rents at Bukit Merah Central range from $2,000 to $6,000 per month.