Six-floor carpark at Textile Centre for sale at $36 mil
The carpark makes up 685 vehicle garage also 40 bike lots. The overall strata location represent around 30% of the total strata place of the property development. By share market value, this is about 1.02% of the entire property. The remainder of the building consists of a seven-storey retail store platform with 150 retail units, six office levels with 63 office units, and 12 non commercial levels that house 132 units.
The six-floor strata-titled carpark at Fabric Centre has been put up for transaction with a guide cost of $36 million. According to the advertising agent, JLL, this particular transaction consists of a nearby plot of commercial land which is utilised as the carpark’s driveway.
The building is going to be sold in a private treaty sale and is promoted by Terry Wong including Alaric Yeo, top supervisor and higher supervisor, specifically, of JLL’s capital markets organization
The commercial property is beside the Kampong Glam sanctuary, which comprises restaurants, eateries, retail outlets, as well as recreation locations. Other profitable projects in the vicinity include City Gate, The Concourse, Parkroyal on Beach Roadway, and Duo.
The 200,456 sq ft carpark covers the 3rd to 7th floors of Textile Centre, in itself a 25-storey, mixed-use property at 200 Jalan Sultan in District 7. Textile Centre positions at a famous main area at the Beach Route location, at the junction of Jalan Sultan and even North Bridge Road.
According to JLL, carparks are a resilient asset class with stable recurring revenue as well as fairly low routine service and also operating costs. The carpark is presently managed by Mack Parking. Strata-titled carparks hardly ever come onto the marketplace, without any extra supply in the pipeline, given constraints on the strata subdivision of communal carparks, adds JLL.