Six-floor carpark at Textile Centre for sale at $36 mil

The six-floor strata-titled carpark at Textile Centre has already been put up for deal with an overview rate of $36 million. According to the marketing agent, JLL, this specific transaction consists of a nearby plot of market land which is made use of as the carpark’s driveway.

The property is beside the Kampong Glam sanctuary, which makes up dining establishments, dining establishments, retail outlets, and also leisure venues. Other profitable developments in the vicinity include City Gate, The Concourse, Parkroyal on Beach Roadway, and even Duo.

The real estate is going to be offered in a nonpublic treaty transaction and also is marketed by Terry Wong and even Alaric Yeo, higher supervisor and senior supervisor, respectively, of JLL’s capital markets team

Midtown Bay Singapore

According to JLL, carparks are a resistant asset class with steady persisting income as well as reasonably affordable servicing and even operating costs. The carpark is presently taken care of by Mack Parking. Strata-titled carparks seldom come onto the market, with no added supply in the pipeline, provided limitations on the strata neighborhood of common carparks, puts JLL.

The carpark makes up 685 auto parking spaces plus 40 motorcycle lots. The total strata area represent approximately 30% of the overall strata place of the development. By share market value, this is about 1.02% of the entire growth. The remainder of the building consists of a seven-storey store platform with 150 retail units, six business office levels with 63 workplace units, and also 12 home levels 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 property at 200 Jalan Sultan in Area 7. Textile Centre rests at a famous core place within the Beach Road place, at the link of Jalan Sultan and even North Bridge Road.

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