Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
Wintech Centre is located throughout 361m of the MacPherson MRT Station, which is an interchange for the Circle along with Downtown Lines. It is just one stop from Paya Lebar MRT Interchange Station for the East-West and also Circle Lines. The structure is also located near to Tanjong Katong Complex, Joo Chiat Facility plus City Plaza.
Created by Chiu Teng Group, a real property developer as well as construction conglomerate specialising in commercial and also commercial buildings, Wintech Centre was completed in 2001. The eight-storey structure has a 60-year lease from 1997. It has a total of 104 strata units which are acquired by 84 branch proprietors.
Under the URA Master Plan, the facility is area for B1 commercial use with an authorized gross plot ratio of 2.5. The property sits on a land area of 64,713 sq ft including the present gross floor space is 161,782 sq ft.
Lim notes that Wintech Centre is actually commencing to receive interest ahead of the collective sale release. “We’ve had some queries from certain investors, including a REIT fund,” he tells. He sees the existing setting as a favorable time to start the sale, specifically coming off the current property cooling down procedures that took place into effect last December. “Given [the procedures], we assume additional requirement will certainly be viewed for industrial properties,” he claims.
The business owners of Wintech Centre, a strata-titled light industrial structure at 6 Ubi Road 1, are one move nearer to launching the property for en bloc sale.
For the collective sale, Weston Vision Real estate has been selected as the single marketing agent, and also Tan & Au LLP has been appointed as the lawyer.
The collective sale committee (CSC) for the project was assigned in August 2021 and has ever since been working to obtain the required permission from many of owners. “I think it’s very likely we’ll be getting the 80% confirmation soon,” states Ken Lim, chairman of the CSC. The suggested reserve rate for the targeted cumulative sale, recently evaluated $84 million, has been changed to $98 million.
The CSC’s positive outlook adheres to the sale of J’Forte Property, a high-spec industrial structure situated no more than a 10-minute ride from Wintech Centre, early on this year. On Jan 30, Metro Holdings as well as Boustead Projects revealed that they, together with an independent institutional third-party, were mutually obtaining J’Forte Establishment for $98.8 million. The sale of the eight-storey property on Tai Seng Street was serviced by Knight Frank.