Ravi Chandran
The price of $42 million for the People’s Park Complex multi-storey carpark is equivalent to $57,000 for each car park lot
People’s Park Complex multi-storey carpark was put up for sale by public tender today (June 22) with a guide price of S$42 million. The carpark spans levels three to six and has a strata area of 182,340 sq ft with 648 parking spaces, 56 motorcycle bays and and a 2,809 sq ft restaurant unit at the top level of the car park.
The People’s Park Complex multi-storey carpark podium is at the annex of the mall and has a direct connection to the apartments and offices above.
Marketing agent Brilliance Capital said the $42 million guide price works out to about $208 psf for the car park and $1,673 psf for the restaurant unit. On a per car park lot basis, it translates to about S$57,000 per lot.
People’s Park Complex is a 31-storey 99 years leasehold mixed residential and commercial building. The commercial part was built in 1970 whereas the residential block was built in 1973. It is situated in the heart of Chinatown at 1 Park Road Singapore 059108 in district 01. The commercial space is primarily used for office, F&B and retails shops sale and rental.
The nearest MRT station is Chinatown station which is 0.11 km away. Other nearby stations are Outram Park and Clarke Quay stations. There are also several bus services nearby. Major expressways like AYE, CTE and MCE allow you to get to many places effortlessly. Driving to Orchard Shopping District and Central Business District will take you about 10 minutes. It is seamlessly connected to the rest of Singapore saving commuters transport time.
There is a cluster of exciting amenities around People’s Park Complex:
Malls: Nearby mega malls like OG Building, Chinatown Point, Lucky Chinatown, Riverside Point, China Square Central, Central, Far East Square and many more others which have a myriad of amenities like eateries, retail shops, supermarkets and banks. For more shopping, dining and entertainment purposes you can drive down to the Orchard shopping district and Marina Bay District which is about less than 10 minutes’ drive away.
Restaurants: For more dining options to satisfy your taste buds, head down to the restaurants along Eu Tong Seng Street, New Bridge Road and Mosque Street. For hawker food lovers, you can head down to Lau Pa Sat, Market Street Food Centre, Maxwell Road Hawker Centre, Golden Shoe Hawker Centre, People’s Park Complex Food Center, Jalan Kukoh Food Centre, Tanjong Pagar Plaza Market & Food Center and China Square Food Centre.
Night Entertainment: Singapore’s number one nightlife entertainment area around Robertson Quay, Clarke Quay and along Mohammed Sultan is just 10-15 minutes’ drive away.
Hotels: Nearby international luxurious hotels include The Fullerton Hotel Singapore, Hotel 1929, Hotel 81 Chinatown, Park 22 Hotel, Amara Hotel, Furama City Centre Singapore, Santa Grand Hotel Lai Chun Yuen and The Scarlet Hotel.
Condominiums: There are also several prestigious residential buildings like River Place Condominium, Aspen Heights 263, Spottiswoode Park, Spottiswoode Residences, V on Shenton, One Shenton, Marina Bay Residences, The Sail @ Marina Bay and Marina Bay Suites which are highly sought after by locals and expats.
Supermarkets: The nearest supermarkets is Sheng Siong supermarket at 52 Chin Swee Road, Cold Storage at China Square Central, Market Place Supermarket at Raffles City shopping Center and NTUC Fairprice at Tanjong Pagar Plaza.
Healthcare: For medical consult, you can head General Practitioner Clinics, Outram Polyclinic, Singapore General Hospital, National Heart Centre, National Cancer Centre and Singapore National Eye Centre in the area to provide specialist healthcare services for the residents.
Education: The schools around here are River Valley Primary School, Zhangde Primary School, Outram Secondary School and Singapore Management University.
Recreational facilities: There are many recreational facilities around here include Hong Lim Park, Fort Canning, Kreta Ayer Community Centre, Tanjong Pagar Community Club, The Singapore Flyer, Esplanade, Marina Bay Sands, Marina Barrage and Art Science Museum. For Art Enthusiasts, there are also art galleries and museums here such as the Asian Civilizations Museum and Victoria Theatre and Concert Hall.
Places of worship: For places of worship in this multi-racial and religion society, one can head to Buddha Tooth Relic Temple and Museum at 288 South Bridge Rd, Thian Hock Keng Temple at 158 Telok Ayer St, Sri Mariamman Temple at 244 South Bridge Rd, Lifelink Christian Church at 531A Upper Cross St and Jamae Mosque (Chulia Mosque) at 218 South Bridge Rd.
People’s Park Complex is zoned commercial, making it purchsable by both local and foreign buyers without paying additional buyer’s stamp duty or seller’s stamp duty.
“As communal car parks are now no longer allowed separate strata titles, this has definitely become one of the most tightly held asset class that is well sought after, but rarely available for sale,” said Brilliance Capital’s executive director Sammi Lim.
The new buyers can enjoy the security of an immediate rental income from the restaurant unit, which presents an opportunity for investors. Ms Lim said that there is “change of use potential through decanting part of the car park”.
Marketing agent Brilliance Capital said the car park sector has “proved to be an appealing alternative to traditional real estate classes” like residential and commercial projects, and is seen as “relatively low-risk investments”. This is especially appealing to investors who are looking for steady cash flow and a resilient asset class to invest in.
Brilliance Capital added that with authorities limiting the number of car park lots in new developments, existing buildings with generous parking space hold a competitive advantage. Due to the limited car parking lots and significant high parking costs in core Raffles Place and Marina Bay CBD, People’s Park Complex car park has become one of the beneficiaries where the office crowd tap on a park and ride scheme to their offices,” it said.
Mr Paul Ho, chief officer at iCompareLoan, said: “People’s Park Complex is definitely a highly sought after commercial building due to its strategic location and the myriad of facilities that is nearby.”
The tender for People’s Park Complex multi-storey carpark will close on at 3pm on Jul 29.
