A multi-storey car park and a strata retail unit at People’s Park Complex (below) have been put up for sale by expression of interest. According to marketing agent Savills Singapore, the indicative price for the property is between $55 million and $60 million. The EOI will close on Aug 23.

The property comprises 648 parking lots and a 2,800 sq ft retail unit. Currently, the car park is managed by Ramky Cleantech Services while the retail unit is operated by F&B company Lepark.

People’s Park Complex, located at the corner of Park Crescent, has a 120m frontage on Eu Tong Sen Street.

Donald Goh, director of investment sales at Savills Singapore, says: “Car parks are a rare commodity in Singapore and have proven to be resilient assets offering stable cash flow.”

Source: Savills Singapore