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

The real estate is going to be marketed in a private treaty sale and is marketed by Terry Wong and Alaric Yeo, top supervisor and also senior supervisor, specifically, of JLL’s capital markets organization

The 200,456 sq ft carpark extends the third to seventh floors of Fabric Centre, itself a 25-storey, mixed-use property at 200 Jalan Sultan in District 7. Textile Centre sits at a prominent central place within the Beach Route area, at the junction of Jalan Sultan and North Bridge Road.

The carpark comprises 685 car parking spaces plus 40 motorcycle lots. The overall strata area make up roughly 30% of the overall strata area of the development. By share value, this has to do with 1.02% of the whole growth. The remainder of the building includes a seven-storey retail store podium with 150 retail units, 6 office storeys with 63 office units, and also 12 home levels that house 132 units.

The building is next to the Kampong Glam conservation area, that makes up restaurants, eateries, retail shops, and also entertainment locations. Other business projects around consist of City Gate, The Concourse, Parkroyal on Beach Road, and Duo.

According to JLL, carparks are a resilient property class with stable recurring earnings and also relatively minimal maintenance and also operating costs. The carpark is presently taken care of by Mack Parking. Strata-titled carparks seldom enter onto the market, without additional source in the pipeline, given constraints on the strata class of public carparks, adds JLL.

Sceneca Residences condominium

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 representative, JLL, this deal consists of a nearby plot of commercial land which is used as the carpark’s driveway.

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