Six-floor carpark at Textile Centre for sale at $36 mil
The carpark makes up 685 vehicle garage and 40 motorcycle lots. The total strata area accounts for roughly 30% of the total strata place of the property development. By share worth, this has to do with 1.02% of the whole property. The rest of the structure contains a seven-storey retail store podium with 150 retail units, six business office levels with 63 office units, and 12 non commercial levels that place 132 units.
According to JLL, carparks are a resilient property class with steady repeating revenue and reasonably low routine service and even operating costs. The carpark is currently handled by Mack Parking. Strata-titled carparks rarely enter onto the marketplace, without extra source in the pipeline, given restrictions on the strata subdivision of communal carparks, adds JLL.
The real estate will be offered in a nonpublic treaty deal and also is marketed by Terry Wong including Alaric Yeo, senior supervisor and also senior manager, specifically, of JLL’s capital markets organization
The 200,456 sq ft carpark covers the third to 7th floorings of Textile Centre, in itself a 25-storey, mixed-use property at 200 Jalan Sultan in District 7. Textile Centre sits at a noticeable central location at the Beach Route place, at the link of Jalan Sultan and also North Bridge Roadway.
The six-floor strata-titled carpark at Textile Centre has recently been put up for transaction with a guide price of $36 million. According to the advertising broker, JLL, this specific sale consists of a nearby plot of market land that is used as the carpark’s driveway.
The commercial property is alongside the Kampong Glam conservation area, that makes up restaurants, dining establishments, retail stores, as well as recreation venues. Other business developments in the vicinity include City Gate, The Concourse, Parkroyal on Beach Roadway, and Duo.
