Six-floor carpark at Textile Centre for sale at $36 mil
The 200,456 sq ft carpark spans the third to 7th floorings of Fabric Centre, in itself a 25-storey, mixed-use building at 200 Jalan Sultan in District 7. Fabric Centre rests at a famous central place in the Beach Road area, at the link of Jalan Sultan and also North Bridge Roadway.
The carpark consists of 685 car parking spaces and 40 bike lots. The total strata location make up approximately 30% of the complete strata place of the development. By share market value, this is about 1.02% of the whole growth. The rest of the structure contains a seven-storey store podium with 150 retail units, 6 business office floors with 63 office units, as well as 12 residential floors that house 132 units.
The six-floor strata-titled carpark at Textile Centre has already been put up for deal with a guide cost of $36 million. According to the marketing broker, JLL, this specific transaction includes a nearby plot of market land that is made use of as the carpark’s driveway.
According to JLL, carparks are a resistant possession class with steady persisting earnings and also relatively affordable maintenance and operating costs. The carpark is presently handled by Mack Parking. Strata-titled carparks rarely enter onto the marketplace, without added source in the pipe, given constraints on the strata class of common carparks, adds JLL.
The commercial property is beside the Kampong Glam conservation area, which comprises restaurants, restaurants, retail outlets, and also recreation locations. Some other business developments in the vicinity include City Gate, The Concourse, Parkroyal on Beach Roadway, and Duo.
The real estate will certainly be sold in a nonpublic treaty sale as well as is showcased by Terry Wong and even Alaric Yeo, senior director and also higher manager, specifically, of JLL’s capital markets professionals