Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The business owners of Wintech Centre, a strata-titled light industrial structure at 6 Ubi Road 1, are one step nearer to launching the property for en bloc sale.
Created by Chiu Teng Group, a real property developer and also construction empire specialising in business and industrial structures, Wintech Centre was finished in 2001. The eight-storey building has a 60-year contract from 1997. It has an overall of 104 strata units which are acquired by 84 branch owners.
The collective sale committee (CSC) for the development was appointed in August 2021 and has ever since been working to get the demanded consent from the majority of owners. “I think it’s most likely we’ll be acquiring the 80% confirmation eventually,” says Ken Lim, chairman of the CSC. The recommended reservation rate for the targeted cumulative sale, previously rated $84 million, has been modified to $98 million.
Lim mentions that Wintech Centre is currently commencing to earn interest rate ahead of the collective sale debut. “We’ve got several queries from specific investors, including a REIT fund,” he reveals. He checks out the present setting as an appropriate time to start the sale, particularly coming off the current property cooling down procedures that took place into result last December. “Provided [the measures], we assume additional need will be seen for commercial residential properties,” he claims.
For the cumulative sale, Weston Vision Real estate has been selected as the single marketing representative, and also Tan & Au LLP has been appointed as the legal representative.
The CSC’s optimism complies with the sale of J’Forte Structure, a high-spec industrialized establishment located no more than a 10-minute ride from Wintech Center, early on this year. On Jan 30, Metro Holdings and Boustead Projects announced in which they, together with a private institutional third-party, were mutually acquiring J’Forte Structure for $98.8 million. The sale of the eight-storey property on Tai Seng Street was serviced by Knight Frank.
Under the URA Master Plan, the facility is zoned for B1 industrial utilization with an authorized gross plot ratio of 2.5. The property sits on a land area of 64,713 sq ft along with the present gross floor area is 161,782 sq ft.
Wintech Centre is located throughout 361m of the MacPherson MRT Terminal, which is an interchange for the Circle and Downtown Lines. It is just one stop from Paya Lebar MRT Interchange Station for the East-West and Circle Lines. The property is also situated near to Tanjong Katong Complex, Joo Chiat Facility plus City Plaza.