Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The collective sale committee (CSC) for the project was appointed in August 2021 and has since been working to obtain the required approval from most of owners. “I think it’s most likely we’ll be obtaining the 80% authorization eventually,” states Ken Lim, chairman of the CSC. The suggested reservation price for the ideal cumulative sale, formerly rated $84 million, has actually been changed to $98 million.
Lim notes that Wintech Centre is currently starting to receive interest rate on top of the collective sale release. “We have actually had a few queries from specific investors, consisting of a REIT fund,” he reveals. He views the existing environment as a favorable time to release the sale, particularly coming off the current property cooling steps that happed into impact last December. “Given [the procedures], we assume additional need will be viewed for commercial residential properties,” he states.
Wintech Centre is located inside 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 structure is additionally situated close to Tanjong Katong Facility, Joo Chiat Facility and even City Plaza.
Under the URA Master Plan, the facility is zoned for B1 industrial utilization with an approved gross plot ratio of 2.5. The real estate remains on a land area of 64,713 sq ft and the present gross floor area is 161,782 sq ft.
The owners of Wintech Centre, a strata-titled light industrial building at 6 Ubi Road 1, are one step nearer to introducing the estate for en bloc sale.
For the cumulative sale, Weston Vision Realty has actually been selected as the single marketing representative, and also Tan & Au LLP has been selected as the legal professional.
Developed by Chiu Teng Group, a property builder and construction conglomerate specialising in business and also industrial structures, Wintech Centre was completed in 2001. The eight-storey structure has a 60-year rent from 1997. It has a total of 104 strata units which are owned by 84 subsidiary proprietors.
The CSC’s optimism complies with the sale of J’Forte Structure, a high-spec industrialized establishment found less than a 10-minute ride from Wintech Center, earlier this year. On Jan 30, Metro Holdings as well as Boustead Projects introduced that they, together with a private institutional third-party, were jointly getting J’Forte Establishment for $98.8 million. The deal of the eight-storey residential property on Tai Seng Street was serviced by Knight Frank.