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Located at Holland Road Shopping Centre’s basement level, the property is zoned commercial and occupies a strata floor of 1,503 sq m (around 16,178 sq ft). Image source: Edmund Tie
The prime freehold carpark at Holland Road Shopping Centre has been put up for sale by Edmund Tie via Expression of Interest (EOI), for an indicative guide price of $32 million.
Located at Holland Road Shopping Centre’s basement level, the property is zoned commercial and occupies a strata floor of 1,503 sq m (around 16,178 sq ft).
The shopping centre, on the other hand, has a frontage along Holland Avenue measuring 78 m and is located at the entrance of the Chip Bee Gardens / Holland Village precinct.
The carpark, which has a freehold tenure, is popular with motorists visiting the Chip Bee Gardens / Holland Village precinct. By having high patronage and a shortage of parking spaces in the area, the property enjoys high parking turnover and occupancy.
The precinct is also projected to have an increase in patronage with an estimated 2,400 housing units coming in from projects under development within the area, such as Fourth Avenue Residences, Leedon Green, RoyalGreen and Van Holland.
“Strata titled carparks are tightly held and rarely available for sale. Strategically located in a highly successful lifestyle hub, the freehold carpark offers a strong and steady cashflow,” said Swee Shou Fern, executive director of investment advisory for Edmund Tie.
“Such an investment opportunity is hard to come by and we expect keen interest from investors who wish to capitalise on the tight supply of parking spaces in this bustling enclave, with potential capital upside from a collective sale. The carpark represents 25 per cent of the total strata area in MCST 675.”
The property is not subject to seller’s stamp duty or additional buyer’s stamp duty and is eligible for purchase by local and foreign buyers.
The EOI exercise for the Holland Road Shopping Centre carpark closes on 20 November.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg