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

The carpark comprises 685 vehicle parking spaces plus 40 motorbike lots. The overall strata area accounts for roughly 30% of the complete strata location of the development. By share value, this is about 1.02% of the entire development. The remainder of the building consists of a seven-storey retail store podium with 150 retail units, 6 office storeys with 63 workplace units, and 12 residential floors that place 132 units.

The commercial property is next to the Kampong Glam sanctuary, that makes up dining establishments, restaurants, retail shops, as well as entertainment locations. Other business projects in the vicinity include City Gate, The Concourse, Parkroyal on Beach Road, and even Duo.

The six-floor strata-titled carpark at Fabric Centre has been offered with an overview cost of $36 million. According to the marketing agent, JLL, this particular transaction consists of an adjacent plot of commercial land which is utilised as the carpark’s driveway.

The building is going to be sold in a nonpublic treaty transaction and is marketed by Terry Wong including Alaric Yeo, senior director together with senior supervisor, specifically, of JLL’s financing markets organization

The 200,456 sq ft carpark covers the third to 7th floors of Textile Centre, itself a 25-storey, mixed-use property at 200 Jalan Sultan in Area 7. Textile Centre sits at a prominent main location at the Beach Route location, at the link of Jalan Sultan and even North Bridge Roadway.

According to JLL, carparks are a resistant asset class with secure reoccuring revenue as well as relatively affordable servicing and even operating expense. 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 limitations on the strata class of public carparks, adds JLL.

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