Six-floor carpark at Textile Centre for sale at $36 mil
The carpark comprises 685 vehicle parking spaces plus 40 motorcycle lots. The total strata area represent around 30% of the total strata area of the property development. By share market value, this has to do with 1.02% of the whole growth. The rest of the structure contains a seven-storey retail platform with 150 retail units, 6 office floors with 63 office units, and 12 home levels that place 132 units.
According to JLL, carparks are a sturdy asset class with stable reoccuring revenue and fairly minimal maintenance and even operating expense. The carpark is presently taken care of by Mack Parking. Strata-titled carparks rarely come onto the marketplace, with no additional supply in the pipe, offered restrictions on the strata class of communal carparks, puts JLL.
The 200,456 sq ft carpark spans the third to 7th floors of Fabric Centre, in itself a 25-storey, mixed-use property at 200 Jalan Sultan in District 7. Textile Centre sits at a noticeable main area in the Beach Route place, at the junction of Jalan Sultan and also North Bridge Road.
The six-floor strata-titled carpark at Textile Centre has already been put up for sale with a guide price of $36 million. According to the advertising agent, JLL, this transaction consists of an adjacent plot of business land that is made use of as the carpark’s driveway.
The building will certainly be sold in an exclusive treaty sale and is marketed by Terry Wong and Alaric Yeo, top director together with higher supervisor, respectively, of JLL’s financing markets team
The building is beside the Kampong Glam conservation area, that consists of restaurants, restaurants, retail outlets, and also leisure venues. Other profitable projects in the vicinity include City Gate, The Concourse, Parkroyal on Beach Roadway, along with Duo.