Holland Road Shopping Centre carpark on sale with $32m guide price

Holland Road Shopping Centre has a 78m wide frontage along Holland Avenue, and is situated at the entrance of the Holland Village or Chip Bee Gardens precinct.
Holland Road Shopping Centre has a 78m wide frontage along Holland Avenue, and is situated at the entrance of the Holland Village or Chip Bee Gardens precinct.ST PHOTO: KELVIN CHNG

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 carpark with 47 parking spaces, located on the basement level of the shopping centre, has a strata floor area of 1,503 square metres 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, United Overseas 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 upcoming development of One Holland Village by Far East Organization is set to inject more buzz into the Holland Village/Chip Bee Gardens precinct. One Holland Village is a mixed-use development featuring about 550 residential and serviced apartment units, offices, retail and food and beverage spaces.

An estimated 2,400 housing units from new projects are also under development in the vicinity.

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 carpark's EOI exercise will close on Nov 20 at 3pm.

A version of this article appeared in the print edition of The Straits Times on October 15, 2019, with the headline 'Holland Road Shopping Centre carpark on sale with $32m guide price'. Print Edition | Subscribe