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

The real estate is going to be marketed in an exclusive treaty deal and is promoted by Terry Wong and Alaric Yeo, senior director and higher manager, respectively, of JLL’s funding markets team

The building is beside the Kampong Glam sanctuary, that consists of dining establishments, restaurants, retail outlets, and also recreation locations. Some other profitable developments around consist of City Gate, The Concourse, Parkroyal on Beach Road, and Duo.

The M Condo showflat

According to JLL, carparks are a sturdy asset class with stable persisting revenue and fairly affordable servicing and operating costs. The carpark is presently handled by Mack Parking. Strata-titled carparks rarely come onto the marketplace, with no additional source in the pipe, provided limitations on the strata class of public carparks, includes JLL.

The six-floor strata-titled carpark at Textile Centre has already been offered with a guide cost of $36 million. According to the marketing broker, JLL, this particular transaction consists of a surrounding plot of commercial land that is utilised as the carpark’s driveway.

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 positions at a famous main place within the Beach Route area, at the junction of Jalan Sultan and North Bridge Roadway.

The carpark makes up 685 vehicle garage plus 40 motorbike lots. The total strata location accounts for around 30% of the total strata location of the project. By share value, this has to do with 1.02% of the complete property. The rest of the building contains a seven-storey store platform with 150 retail units, 6 business office floors with 63 office units, and 12 non commercial floors that house 132 units.

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