Business

Freehold Holland Road shopping centre carpark up for sale

A freehold carpark at Holland Road Shopping Centre is up for sale via expression of interest (EOI) with an indicative price in the range of $32 million.

The 47-lot carpark, which is located on the basement level of the shopping centre, has a strata floor area of 1,503 sq m and is zoned commercial, marketing agent Edmund Tie said yesterday.

It is not subject to additional buyer's stamp duty or seller's stamp duty, and is eligible for purchase by both local and foreign buyers.

Key tenants of Holland Road Shopping Centre include Cold Storage, UOB Bank, Watsons and Guardian Pharmacy.

The mall has a 78m-wide frontage along Holland Avenue, and is situated at the entrance of the Holland Village or Chip Bee Gardens precinct.

Ms Swee Shou Fern, Edmund Tie's executive director of investment advisory, said strata-titled carparks are tightly held and rarely available for sale.

Strategically located in a lifestyle hub, the carpark offers "strong and steady cash flow", she added.

The carpark is owned by a low-profile investor, said Edmund Tie, adding that it is being marketed as a carpark and alternative uses have not been explored.

"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," Ms Swee added.

The EOI exercise for the carpark will close on Nov 20 at 3pm. - THE STRAITS TIMES

Property