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 sale with a guide price of $36 million. According to the promotion representative, JLL, this sale consists of an adjacent plot of commercial land which is used as the carpark’s driveway.
According to JLL, carparks are a resilient possession class with steady recurring revenue as well as fairly low servicing and operating expense. The carpark is presently managed by Mack Parking. Strata-titled carparks rarely enter onto the market, without extra supply in the pipeline, given constraints on the strata neighborhood of public carparks, includes JLL.
The carpark comprises 685 vehicle garage also 40 motorbike lots. The total strata area make up approximately 30% of the total strata area of the project. By share worth, this has to do with 1.02% of the entire development. The rest of the structure consists of a seven-storey retail platform with 150 retail units, 6 business office levels with 63 office units, and 12 residential levels that house 132 units.
The commercial property is next to the Kampong Glam conservation area, which comprises dining establishments, eateries, retail stores, as well as leisure locations. Some other profitable projects around include City Gate, The Concourse, Parkroyal on Beach Road, and even Duo.
The 200,456 sq ft carpark spans the 3rd to seventh floors of Fabric Centre, in itself a 25-storey, mixed-use building at 200 Jalan Sultan in District 7. Textile Centre sits at a popular central location within the Beach Route location, at the link of Jalan Sultan and also North Bridge Road.
The real estate will be marketed in a nonpublic treaty deal and also is marketed by Terry Wong and even Alaric Yeo, higher director together with top manager, respectively, of JLL’s financing markets professionals