Six-floor carpark at Textile Centre for sale at $36 mil
The carpark comprises 685 vehicle parking spaces plus 40 bike lots. The total strata area represent around 30% of the complete strata place of the project. By share value, this has to do with 1.02% of the complete growth. The rest of the building consists of a seven-storey store podium with 150 retail units, six business office levels with 63 office units, as well as 12 non commercial floors that house 132 units.
The 200,456 sq ft carpark covers the 3rd to 7th floors of Fabric Centre, itself a 25-storey, mixed-use building at 200 Jalan Sultan in District 7. Fabric Centre sits at a famous main place within the Beach Route location, at the link of Jalan Sultan and North Bridge Road.
The six-floor strata-titled carpark at Fabric Centre has been offered with an overview rate of $36 million. According to the advertising agent, JLL, this particular deal includes an adjacent plot of business land that is utilised as the carpark’s driveway.
According to JLL, carparks are a resistant possession class with steady persisting earnings as well as relatively affordable routine service and even operating costs. The carpark is presently managed by Mack Parking. Strata-titled carparks rarely come onto the marketplace, with no extra supply in the pipe, offered restrictions on the strata class of common carparks, adds JLL.
The commercial property is beside the Kampong Glam conservation area, which consists of restaurants, dining establishments, retail stores, as well as leisure venues. Other commercial projects around include City Gate, The Concourse, Parkroyal on Beach Roadway, and Duo.
The real estate is going to be sold in a nonpublic treaty transaction as well as is marketed by Terry Wong including Alaric Yeo, senior supervisor and senior supervisor, respectively, of JLL’s capital markets professionals