A strata-titled carpark on Holland Avenue is on the market for $32 million. Located in the basement of Holland Road Shopping Centre, the carpark has a strata floor area of 16,178 sq ft and is up for sale by expression of interest (EOI), announced marketing agent Edmund Tie (ET).
The property has a freehold tenure, and the Holland Road Shopping Centre is a prominent landmark with a 78-metre frontage along Holland Avenue. Key tenants include Cold Storage, UOB Bank, Watsons, and Guardian Pharmacy. The carpark represents 25% of the total strata area in the development.
The carpark is a convenient parking venue for motorists visiting Holland Village and Chip Bee Gardens. It enjoys high occupancy and parking turnover as a result of the shortage of parking spaces coupled with high patronage in the F&B and lifestyle enclave.
The area is expected to become more vibrant with the upcoming development of One Holland Village less than 200 metres from Holland Road Shopping Centre. The mixed-use development will feature 550 residential and serviced apartments, offices, retail shops, and F&B spaces. Upcoming residential developments comprising 2,400 units are also expected to increase footfall in the area.
Swee Shou Fern, executive director of investment advisory at ET, says: “Strata-titled carparks are tightly held and rarely available for sale. Strategically located in a highly successful lifestyle hub, the 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.”
The EOI exercise will close on Nov 20.