Six-floor carpark at Textile Centre for sale at $36 mil
The six-floor strata-titled carpark at Fabric Centre has been offered with a guide rate of $36 million. According to the advertising agent, JLL, this specific transaction consists of a surrounding plot of business land which is utilised as the carpark’s driveway.
The 200,456 sq ft carpark spans the third to seventh floorings of Textile Centre, in itself a 25-storey, mixed-use property at 200 Jalan Sultan in District 7. Textile Centre sits at a popular central area in the Beach Route place, at the junction of Jalan Sultan and even North Bridge Roadway.
The property is next to the Kampong Glam sanctuary, that makes up restaurants, eateries, retail stores, as well as leisure venues. Other commercial developments around include City Gate, The Concourse, Parkroyal on Beach Roadway, and Duo.
The property is going to be sold in a private treaty transaction and also is showcased by Terry Wong including Alaric Yeo, senior director and also top manager, specifically, of JLL’s funding markets professionals
According to JLL, carparks are a sturdy asset class with stable repeating income and also reasonably affordable routine service and also operating costs. The carpark is currently taken care of by Mack Parking. Strata-titled carparks hardly ever enter onto the marketplace, with no added source in the pipe, offered limitations on the strata class of public carparks, puts JLL.
The carpark comprises 685 auto parking spaces also 40 motorcycle lots. The total strata area accounts for approximately 30% of the overall strata area of the property development. By share market value, this has to do with 1.02% of the entire growth. The rest of the building consists of a seven-storey retail platform with 150 retail units, six office floors with 63 workplace units, and also 12 non commercial levels that house 132 units.