Six-floor carpark at Textile Centre for sale at $36 mil
The six-floor strata-titled carpark at Fabric Centre has recently been put up for transaction with an overview cost of $36 million. According to the promotion broker, JLL, this specific transaction consists of a surrounding plot of market land which is used as the carpark’s driveway.
The 200,456 sq ft carpark extends the 3rd to seventh floors of Textile Centre, in itself a 25-storey, mixed-use property at 200 Jalan Sultan in District 7. Fabric Centre sits at a prominent core location in the Beach Road area, at the link of Jalan Sultan and also North Bridge Road.
The real estate will be marketed in a private treaty deal and is marketed by Terry Wong and Alaric Yeo, top supervisor and higher manager, respectively, of JLL’s funding markets team
The building is next to the Kampong Glam sanctuary, that consists of restaurants, eateries, retail shops, and also leisure locations. Other business developments in the vicinity consist of City Gate, The Concourse, Parkroyal on Beach Roadway, along with Duo.
According to JLL, carparks are a resistant property class with steady reoccuring revenue and relatively minimal maintenance and even operating costs. The carpark is currently managed by Mack Parking. Strata-titled carparks hardly ever come onto the market, without any added supply in the pipe, provided restrictions on the strata community of common carparks, puts JLL.
The carpark makes up 685 auto garage plus 40 motorcycle lots. The total strata area represent about 30% of the overall strata place of the project. By share value, this has to do with 1.02% of the whole growth. The rest of the structure consists of a seven-storey retail store podium with 150 retail units, 6 workplace storeys with 63 workplace units, and also 12 residential levels that house 132 units.