Six-floor carpark at Textile Centre for sale at $36 mil
The real estate will certainly be offered in an exclusive treaty sale and also is promoted by Terry Wong including Alaric Yeo, top supervisor and senior supervisor, respectively, of JLL’s financing markets organization
The carpark makes up 685 auto garage also 40 motorcycle lots. The overall strata area represent about 30% of the overall strata area of the property development. By share market value, this is about 1.02% of the whole growth. The rest of the building contains a seven-storey retail store platform with 150 retail units, 6 workplace floors with 63 office units, as well as 12 residential levels that house 132 units.
The six-floor strata-titled carpark at Textile Centre has recently been put up for sale with a guide price of $36 million. According to the marketing agent, JLL, this specific transaction includes a surrounding plot of business land that is used as the carpark’s driveway.
The property is next to the Kampong Glam sanctuary, that consists of dining establishments, restaurants, retail outlets, as well as entertainment locations. Some other commercial projects in the vicinity consist of City Gate, The Concourse, Parkroyal on Beach Road, and Duo.
According to JLL, carparks are a resilient asset class with secure persisting earnings as well as fairly minimal routine service and even operating expense. The carpark is currently managed by Mack Parking. Strata-titled carparks hardly ever appear onto the market, with no additional supply in the pipe, given limitations on the strata class of public carparks, puts JLL.
The 200,456 sq ft carpark covers the third to 7th floors of Textile Centre, itself a 25-storey, mixed-use building at 200 Jalan Sultan in Area 7. Fabric Centre rests at a popular central area within the Beach Road place, at the junction of Jalan Sultan and North Bridge Road.