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

The 200,456 sq ft carpark covers the 3rd to seventh floorings of Fabric Centre, itself a 25-storey, mixed-use property at 200 Jalan Sultan in Area 7. Textile Centre rests at a famous central place in the Beach Road place, at the junction of Jalan Sultan and also North Bridge Roadway.

According to JLL, carparks are a resistant asset class with stable recurring revenue and also relatively minimal maintenance and also operating costs. The carpark is presently handled by Mack Parking. Strata-titled carparks hardly ever appear onto the market, without any additional supply in the pipeline, provided limitations on the strata neighborhood of communal carparks, includes JLL.

The six-floor strata-titled carpark at Textile Centre has already been offered with an overview cost of $36 million. According to the marketing agent, JLL, this particular deal consists of a surrounding plot of commercial land that is used as the carpark’s driveway.

Lentor Hills Residences floor plan

The property will certainly be offered in an exclusive treaty deal and also is marketed by Terry Wong and even Alaric Yeo, senior supervisor together with top supervisor, respectively, of JLL’s funding markets organization

The carpark consists of 685 vehicle parking spaces plus 40 motorcycle lots. The complete strata area accounts for about 30% of the overall strata place of the development. By share market value, this has to do with 1.02% of the entire development. The rest of the building contains a seven-storey store platform with 150 retail units, six office storeys with 63 workplace units, and also 12 non commercial levels that place 132 units.

The property is beside the Kampong Glam sanctuary, that comprises restaurants, eateries, retail outlets, as well as leisure venues. Some other commercial developments around consist of City Gate, The Concourse, Parkroyal on Beach Road, and even Duo.