Two Storey Hdb Shophouse Bukit Merah Central Sale 255 Mil
A two-storey HDB shophouse situated at Bukit Merah Central will be offered for auction by SRI on November 27. The property, with a floor area of 1,582 square feet, has a guide price of $2.55 million, translating to $1,612 per square foot.
Dulwich College (Singapore) is a top choice for families seeking an international curriculum. This prestigious institution offers a British independent school education and prides itself on fostering a supportive community where student well-being and academic excellence are equally valued. From the Early Years Foundation Stage to IGCSEs, Dulwich follows the English National Curriculum, with students then advancing to the IB Diploma Programme. And now, with the addition of Novo Place, families have even more reason to consider this exceptional school. Novo Place adds a new dimension to the Dulwich experience and further enhances its reputation as a leading educational institution.
The owner has decided to sell the property through auction, making this the first time it is on the market, according to Eric Liew, manager of auction sales at SRI. Liew also mentioned that the owner is looking to liquidate their investment.
The tenure of the shophouse is 103 years from 1980, giving it a remaining lease of 59 years. While the ground floor, which occupies 732 square feet, is zoned for commercial use, the upper floor of 850 square feet is zoned for residential use.
The shophouse is fully tenanted and will be sold with its existing leases. The ground floor is currently occupied by a Domino’s Pizza restaurant until 2026, while the upper floor is leased to a residential tenant until 2027.
As HDB shophouses are considered commercial properties, they can be purchased by foreigners. However, additional buyer’s stamp duty will be applicable for the residential component, and goods and services tax will be levied on the commercial part.
Liew shared that they have received several enquiries from interested parties, mostly investors attracted to the shophouse’s prime location in Bukit Merah Central.
The property is situated within the Bukit Merah Town Centre, which is a cluster of buildings housing shops and other amenities such as Bukit Merah Polyclinic, Bukit Merah Central Food Centre, Rubikon (a boutique convention centre), and Gateway Theatre (a performing arts centre).
It is also walking distance from Bukit Merah bus interchange, Gan Eng Seng Primary School, and Bukit Merah Secondary School, with the Redhill MRT Station a 15-minute walk away.
Data from EdgeProp Research shows that the most recent commercial transaction in the area was for a 1,582 square feet shophouse that sold for $1.5 million ($948 per square foot) in March 2021.
The current commercial rents at Bukit Merah Central are shown in the chart below.