Six-floor carpark at Textile Centre for sale at $36 million
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 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
Comprises of 685 car parking spaces and 40 motorcycle lots, the carpark has a 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. Remaining of the building comprised of a seven-storey retail podium with 150 retail units, six level of office space with 63 office units, and 12 residential floors that has a total of 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.