SINGAPORE – EDMUND TIE, the sole marketing agent, is pleased to offer the prime freehold carpark at Holland Road Shopping Centre for sale by Expression of Interest (EOI). The subject property enjoys rare coveted freehold tenure. Located at the basement level of Holland Road Shopping Centre, the carpark has a strata floor area of 1,503 sq m (approximately 16,178 sq ft).
Holland Road Shopping Centre is a prominent landmark with a 78-metre wide frontage along Holland Avenue and it occupies the most strategic location at the entrance of the Holland Village / Chip Bee Gardens precinct. Key tenants at Holland Road Shopping Centre include Cold Storage, UOB Bank, Watsons and Guardian Pharmacy.
The subject property offers a convenient parking venue and is popular amongst motorists visiting the Holland Village / Chip Bee Gardens precinct. With high patronage in this popular F&B and lifestyle enclave, coupled with a shortage of parking spaces in the vicinity, the carpark enjoys high occupancy and parking turnover.
The Holland Village / Chip Bee Gardens precinct is set to become even more vibrant with the upcoming development of One Holland Village by Far East Organization – a mixed-use development accommodating approximately 550 residential and serviced apartment units, offices, retail and F&B spaces. Surrounded by matured and affluent residential estates, the precinct is also expected to enjoy greater growth in patronage with a projected 2,400 housing units from new projects that are currently under development in the vicinity, such as RoyalGreen, Fourth Avenue Residences, Van Holland and Leedon Green.
The executive director of investment advisory, Swee Shou Fern, commented, “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 cash flow. 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.”
As the property is zoned commercial, it is not subjected to an additional buyer’s stamp duty or seller’s stamp duty and is eligible for purchase by both local and foreign buyers. The indicative guide price for the property is in the range of $32m
The EOI exercise for the carpark at Holland Road Shopping Centre will close on Wednesday, 20 November 2019 at 3 pm.
This article is contributed by Edmund Tie.