Six-floor carpark at Textile Centre for sale at $36 mil
The building is next to the Kampong Glam sanctuary, that consists of dining establishments, eateries, retail stores, and entertainment locations. Some other profitable projects in the vicinity consist of City Gate, The Concourse, Parkroyal on Beach Roadway, along with Duo.
According to JLL, carparks are a sturdy possession class with steady persisting revenue and also fairly low routine service and also operating costs. The carpark is presently taken care of by Mack Parking. Strata-titled carparks seldom enter onto the market, without any added source in the pipe, offered constraints on the strata subdivision of communal carparks, adds JLL.
The carpark makes up 685 auto parking spaces plus 40 bike lots. The complete strata area accounts for about 30% of the complete strata place of the development. By share market value, this is about 1.02% of the entire property. The rest of the building consists of a seven-storey retail store platform with 150 retail units, 6 business office storeys with 63 workplace units, and 12 home levels that place 132 units.
The six-floor strata-titled carpark at Textile Centre has recently been put up for sale with a guide cost of $36 million. According to the marketing representative, JLL, this particular deal consists of an adjacent plot of commercial land which is made use of as the carpark’s driveway.
The 200,456 sq ft carpark spans the 3rd to 7th floorings of Textile Centre, in itself a 25-storey, mixed-use building at 200 Jalan Sultan in District 7. Fabric Centre positions at a prominent core location in the Beach Road location, at the junction of Jalan Sultan and even North Bridge Roadway.
The building is going to be sold in a nonpublic treaty transaction and is promoted by Terry Wong including Alaric Yeo, senior director and also higher supervisor, respectively, of JLL’s capital markets professionals