Six-floor carpark at Textile Centre for sale at $36 mil
The property is alongside the Kampong Glam conservation area, that comprises restaurants, dining establishments, retail stores, and entertainment locations. Some other business developments in the vicinity consist of City Gate, The Concourse, Parkroyal on Beach Road, and Duo.
The building will be sold in a nonpublic treaty sale and also is promoted by Terry Wong including Alaric Yeo, senior director and also senior supervisor, respectively, of JLL’s financing markets organization
According to JLL, carparks are a sturdy asset class with steady persisting revenue as well as reasonably affordable maintenance and even operating costs. The carpark is currently handled by Mack Parking. Strata-titled carparks seldom enter onto the marketplace, with no additional source in the pipeline, offered limitations on the strata community of communal carparks, includes JLL.
The 200,456 sq ft carpark extends the third to seventh floors of Textile Centre, in itself a 25-storey, mixed-use property at 200 Jalan Sultan in Area 7. Textile Centre rests at a popular core place within the Beach Route location, at the link of Jalan Sultan and North Bridge Road.
The carpark comprises 685 vehicle parking spaces and 40 motorbike lots. The overall strata location make up roughly 30% of the total strata place of the project. By share value, this is about 1.02% of the whole development. The remainder of the structure includes a seven-storey retail platform with 150 retail units, 6 workplace storeys with 63 workplace units, as well as 12 residential levels that place 132 units.
The six-floor strata-titled carpark at Fabric Centre has already been put up for transaction with a guide rate of $36 million. According to the advertising agent, JLL, this transaction includes an adjacent plot of business land which is made use of as the carpark’s driveway.