Six-floor carpark at Textile Centre for sale at $36 mil
By Timothy Tay
/ EdgeProp Singapore |
The 200,456 sq ft carpark spans the third to seventh floors of Textile Centre, itself a 25-storey, mixed-use building at 200 Jalan Sultan in District 7. (Picture: JLL)
SINGAPORE (EDGEPROP) - The six-floor strata-titled carpark at Textile Centre has been put up for sale with a guide price of $36 million. According to the marketing agent, JLL, this sale includes an adjacent plot of commercial land which is utilised as the carpark’s driveway.
The property will be sold in a private treaty sale and is marketed by Terry Wong and Alaric Yeo, senior director and senior manager, respectively, of JLL’s capital markets team
The 200,456 sq ft carpark spans the third to seventh floors of Textile Centre, itself a 25-storey, mixed-use building at 200 Jalan Sultan in District 7. Textile Centre sits at a prominent central location in the Beach Road area, at the junction of Jalan Sultan and North Bridge Road.
The property is next to the Kampong Glam conservation area, which comprises restaurants, eateries, retail shops, and entertainment venues. Other commercial developments in the vicinity include City Gate, The Concourse, Parkroyal on Beach Road, and Duo. (Find Singapore commercial properties with our commercial directory)
Carparks in the central region are rarely put up for sale. Their investment potential, steady income, and chronic shortfall in available parking space in the area elevates demand for these properties. (Map: EdgeProp Landlens)
The carpark comprises 685 car parking spaces and 40 motorcycle lots. The total strata area accounts for approximately 30% of the total strata area of the development. By share value, this is about 1.02% of the entire development. The rest of the building consists of a seven-storey retail podium with 150 retail units, six office floors with 63 office units, and 12 residential floors that house 132 units.
According to JLL, carparks are a resilient asset class with stable recurring income and relatively low maintenance and operating costs. The carpark is currently managed by Mack Parking. Strata-titled carparks rarely come onto the market, with no additional supply in the pipeline, given restrictions on the strata subdivision of communal carparks, adds JLL.
Check out the latest listings near Textile Centre, Kampong Glam conservation area
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