Six-floor carpark at Textile Centre for sale at $36 mil
The building is alongside the Kampong Glam sanctuary, that consists of dining establishments, restaurants, retail stores, and entertainment venues. Some other business projects in the vicinity include City Gate, The Concourse, Parkroyal on Beach Road, and even Duo.
The carpark makes up 685 auto parking spaces and 40 bike lots. The complete strata location represent approximately 30% of the total strata area of the development. By share value, this has to do with 1.02% of the entire development. The remainder of the building consists of a seven-storey retail platform with 150 retail units, six workplace floors with 63 office units, and 12 non commercial floors that house 132 units.
The 200,456 sq ft carpark covers the 3rd to seventh floors of Fabric Centre, itself a 25-storey, mixed-use structure at 200 Jalan Sultan in District 7. Fabric Centre sits at a noticeable main area in the Beach Road place, at the junction of Jalan Sultan and even North Bridge Roadway.
The six-floor strata-titled carpark at Fabric Centre has recently been put up for deal with an overview cost of $36 million. According to the marketing representative, JLL, this specific transaction includes a surrounding plot of business land that is made use of as the carpark’s driveway.
According to JLL, carparks are a resilient asset class with steady recurring earnings and also fairly minimal routine service and even operating costs. The carpark is presently managed by Mack Parking. Strata-titled carparks seldom enter onto the marketplace, with no additional source in the pipeline, offered constraints on the strata subdivision of common carparks, adds JLL.
The real estate will certainly be offered in an exclusive treaty transaction as well as is marketed by Terry Wong and even Alaric Yeo, senior supervisor together with higher supervisor, respectively, of JLL’s capital markets professionals
