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

The six-floor strata-titled carpark at Fabric Centre has already been offered with an overview price of $36 million. According to the marketing broker, JLL, this particular transaction consists of a nearby plot of commercial land which is made use of as the carpark’s driveway.

The 200,456 sq ft carpark extends the third to 7th floorings of Fabric Centre, itself a 25-storey, mixed-use building at 200 Jalan Sultan in Area 7. Textile Centre positions at a noticeable core place at the Beach Road place, at the junction of Jalan Sultan and even North Bridge Road.

The carpark consists of 685 car parking spaces also 40 motorbike lots. The total strata location make up roughly 30% of the complete strata place of the development. By share market value, this is about 1.02% of the whole property. The remainder of the building contains a seven-storey retail platform with 150 retail units, six office floors with 63 office units, as well as 12 non commercial floors that place 132 units.

The building will be marketed in a private treaty transaction and is promoted by Terry Wong and even Alaric Yeo, senior supervisor and also top supervisor, respectively, of JLL’s capital markets professionals

According to JLL, carparks are a sturdy asset class with steady repeating revenue and also relatively affordable maintenance and even operating costs. The carpark is presently managed by Mack Parking. Strata-titled carparks rarely come onto the market, without any extra source in the pipe, offered limitations on the strata community of common carparks, includes JLL.

The property is alongside the Kampong Glam sanctuary, that consists of dining establishments, eateries, retail shops, as well as recreation locations. Some other business developments around include City Gate, The Concourse, Parkroyal on Beach Roadway, and even Duo.

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