Six-floor carpark at Textile Centre for sale at $36 mil
The 200,456 sq ft carpark covers the third to 7th floorings of Fabric Centre, in itself a 25-storey, mixed-use structure at 200 Jalan Sultan in Area 7. Textile Centre positions at a popular main area within the Beach Route area, at the link of Jalan Sultan and North Bridge Road.
According to JLL, carparks are a sturdy property class with stable reoccuring earnings and relatively minimal maintenance and even operating expense. The carpark is currently handled by Mack Parking. Strata-titled carparks rarely enter onto the marketplace, with no added supply in the pipeline, given constraints on the strata subdivision of common carparks, includes JLL.
The six-floor strata-titled carpark at Fabric Centre has already been put up for transaction with an overview rate of $36 million. According to the marketing agent, JLL, this specific deal consists of a surrounding plot of business land which is made use of as the carpark’s driveway.
The carpark consists of 685 auto garage and 40 motorcycle lots. The overall strata area represent approximately 30% of the overall strata location of the project. By share value, this is about 1.02% of the entire development. The remainder of the structure includes a seven-storey retail store platform with 150 retail units, 6 office levels with 63 workplace units, as well as 12 home floors that house 132 units.
The property will be offered in a nonpublic treaty sale and is marketed by Terry Wong including Alaric Yeo, top director together with higher supervisor, specifically, of JLL’s capital markets organization
The building is next to the Kampong Glam conservation area, which makes up dining establishments, restaurants, retail shops, and also recreation places. Other business projects in the vicinity include City Gate, The Concourse, Parkroyal on Beach Road, and Duo.