Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
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 also Circle Lines. The building is also positioned near to Tanjong Katong Facility, Joo Chiat Complex plus City Plaza.
The business owners of Wintech Centre, a strata-titled light industrial structure at 6 Ubi Road 1, are one move nearer to releasing the estate for en bloc sale.
For the collective sale, Weston Vision Real estate has been appointed as the sole marketing agent, and also Tan & Au LLP has been selected as the legal representative.
Created by Chiu Teng Group, a real property developer and also construction empire being experts in industrial as well as industrial structures, Wintech Centre was completed in 2001. The eight-storey facility has a 60-year rent from 1997. It has a total amount of 104 strata units which are managed by 84 subsidiary proprietors.
The CSC’s positive outlook adheres to the sale of J’Forte Structure, a high-spec industrial building found barely a 10-minute trip from Wintech Hub, early on this year. On Jan 30, Metro Holdings and also Boustead Projects revealed in which they, together with a private institutional third-party, were mutually obtaining J’Forte Structure for $98.8 million. The deal of the eight-storey residential property on Tai Seng Street was serviced by Knight Frank.
The collective sale committee (CSC) for the development was chosen in August 2021 and has since been actually trying to acquire the needed authorization from most of owners. “I believe it’s highly likely we’ll be getting the 80% confirmation eventually,” says Ken Lim, chairman of the CSC. The suggested reservation price for the intended cumulative sale, previously rated $84 million, has actually been changed to $98 million.
Lim notes that Wintech Centre is already starting to obtain interest ahead of the cumulative sale launch. “We have actually got several queries from specific capitalists, including a REIT fund,” he reveals. He watches the current setting as a favorable time to start the sale, especially coming off the recent property cooling down actions that came into effect last December. “Given [the procedures], we believe extra requirement will certainly be observed for industrial residential properties,” he claims.
Under the URA Master Plan, the structure is zoned for B1 commercial utilization with an approved gross plot ratio of 2.5. The property remains on an acreage of 64,713 sq ft and the existing gross flooring area is 161,782 sq ft.