Savills Singapore, as exclusive marketing agent, is pleased to announce for sale by Expressions of Interest, the entire multi-storey car park of People’s Park Complex together with a strata retail unit.
Savills Singapore, as exclusive marketing agent, is pleased to announce for sale by Expressions of Interest, the entire multi-storey car park of People’s Park Complex together with a strata retail unit (‘The Property’).
The Property is part of a landmark mixed development known as People’s Park Complex, strategically located on Eu Tong Sen Street, in the heart of Chinatown. It is prominently located at the corner of Park Crescent and enjoys a 120-metre long prominent frontage along Eu Tong Sen Street. The immediate surrounding area consists of other prominent buildings which are synonymous with Chinatown; The Majestic, Yue Hwa Building, People’s Park Centre and Chinatown Point. Across the road, the Property faces rows of conserved shophouses along Smith Street, Pagoda Street and Temple Street where a wide array of amenities and F&B outlets can be found. Neighbouring the property are also popular hotels like Parkroyal on Pickering, Furama Hotel and Swissotel Merchant Court.
The Property consists of about 648 car park lots stretching from levels 3 to 6 and a retail strata unit of about 2,800 sq ft. The car park is currently professionally managed by an established car park operator while the retail unit is operated by an F&B operator. The Chinatown MRT station on the North East and Downtown Lines provides easy access to other parts of the island.
Donald Goh, director of investment sales at Savills Singapore commented, “Car parks are truly a rare commodity in Singapore and has proven to be a resilient asset offering stable cashflow. With the closure of Golden Shoe, which has about 1,000 car park lots, the demand for car parks is expected to increase significantly especially for users in Raffles Place and Marina Bay/Downtown.”
He added, “Other avenues to improve on the car park performance include offering shuttle services to Raffles Place and MBFC, and converting excess car park lots to other uses, subject to approvals from relevant authorities.”
The EOI closes on the 23rd August 2017 Wednesday at 3pm.