Textile Centre is a mixed-use development at a prominent central location in the Beach Road area. The carpark comprises 685 car parking spaces and 40 motorcycle lots spanning the third to seventh floors of Textile Centre providing parking facilities for visitors to the mall as well as for residents and businesses in the area. According to the marketing agent, JLL, this sale includes a 4,838 sq ft adjacent plot of commercial land which is currently used as the carpark’s driveway and for loading bay in the development.
The total strata area accounts for approximately 30% of the total strata area of the development. By share value, this is about 1.02% of the entire development. The rest of Textile Centre consists of a seven-storey retail podium with 150 retail units, six office floors with 63 office units, and 12 residential floors that house 132 units.
Both the car park and adjacent plot are currently owned by Plaza Development (Pte) Limited, wholly owned by Chee Tat Holdings (S) Pte Ltd, which in turn is controlled by the Ng family which also owns Serene Centre in Bukit Timah.
"Strata malls" refers to shopping malls where the individual retail units are owned by different individuals or entities, as opposed to malls where the retail spaces are owned by a single entity. In Singapore, there are several strata malls, each with their own unique offerings and specialties. Some examples of strata-titled shopping malls are:
- Far East Plaza is a popular strata mall located on Scotts Road in Orchard with hundreds of shops selling a variety of products
- Sim Lim Square is known for its wide range of electronics and computer-related products. Located in Rochor, it has over 200 shops spread across six floors
- Peninsula Plaza is a strata mall that is popular for its shops selling items such as textiles, handicrafts, and traditional Chinese medicinal products located in City Hall
- Queensway Shopping Centre is known for its shops selling sporting goods and equipment located in Queenstown
Real estate professional Kiwi Lim said "some older strata mixed developments with residential units above shopping malls in Singapore have separately owned strata-titled carparks due to the approved subdivision of communal carparks to allow for greater flexibility in ownership and usage of the parking spaces. This means that the carpark space is separately owned and can be bought and sold independently from the rest of the property development - i.e. the residential units and commercial shops.
"Although commonly seen in other countries, separate wholly owned strata-titled carparks are very rare in Singapore and only limited to buildings that had their planning approval before 1970. The government subsequently restricted the strata subdivision of communal carparks and carparks are now considered an amenity and part of the common area.
Such strata-titled carparks offer good passive income and investment potential as they provide strong healthy recurring income from the parking fees collected especially for those in the city or city fringe areas. Carpark fees are paid immediately by users with no bad debts except for the occasional carpark cheats. These carparks also require very low maintenance of the facility as compared to the other commercial shopping mall and residential components." said Kiwi Lim.
People’s Park Complex
Sitting on top of the six-storey podium block of shopping mall and carpark is a block of 25 storeys consisting of 291 private residential apartments. The 99-year leasehold strata mixed development of People's Park Complex in Chinatown comprises of private residential units, commercial shops and carpark. Completed in 1972, People's Park Complex has a six-storey podium block with strata shops occupying the first to fifth floors; and the multi-storey carpark spanning the third to sixth floors, The carpark has 648 parking spaces for cars and another 56 for motorcycles, making it one of the biggest, if not the biggest, multi-storey carpark in the CBD-Chinatown area.
In August 2021, Lucky Pinnacle, an entity of the Ng family-controlled property giant, Far East Organization, purchased the multi-storey carpark spanning the third to sixth floors and restaurant unit at People’s Park Complex for $39.33 million.
Holland Road Shopping Centre
Holland Road Shopping Centre is a freehold strata-titled shopping mall consisting of 111 commercial shop units in the shopping mall and a carpark. Holland Road Shopping Centre is a prominent landmark with its 78-metre frontage along Holland Avenue with key tenants including Cold Storage, UOB Bank, Watsons, and Guardian Pharmacy.
The carpark represents 25% of the total strata area in the development and is a convenient parking venue for motorists visiting Holland Village and Chip Bee Gardens enjoying 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. Holland Road Shopping Centre carpark with 47 lots in total was sold for slightly more than $17 million in 2020.
In Dec 2020, a real estate management service provider - LHN Ltd, bought the car park of Bukit Timah Shopping Centre - a 999 year leasehold property development for S$16.2 million, through a 40 per cent stake in a joint-venture (JV) company. Bukit Timah Shopping Centre carpark consists of a total of 381 carpark lots and the purchase will be expected to increase income sources and grow the number of car parks under its facilities management business. LHN's other main business segments involve space optimisation and logistics services.
Parklane Shopping Mall
Situated at 35 Selegie Road near the junction with Prinsep Street, in the Dhoby Ghaut area, Parklane Shopping Mall features a variety of shops and services, including fashion stores, food and beverage outlets, electronics and technology stores, beauty and wellness services, and more. Parklane Shopping Mall is easily accessible by public transportation and is located near several major attractions and landmarks, including Orchard Road, Little India, and the Singapore Art Museum.
All 219 lots in the strata-titled carpark of Parklane Shopping Mall was sold in 2021 for $16.18 million.