Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
Developed by Chiu Teng Group, a property developer and also construction corporation specialising in business and commercial constructions, Wintech Centre was finished in 2001. The eight-storey building has a 60-year contract from 1997. It has a total of 104 strata units which are owned by 84 part owners.
The owners of Wintech Centre, a strata-titled light commercial structure at 6 Ubi Road 1, are one step nearer to introducing the property for en bloc sale.
Under the URA Master Plan, the facility is area for B1 industrial usage with a permitted gross plot ratio of 2.5. The property remains on a land area of 64,713 sq ft along with the present gross floor space is 161,782 sq ft.
For the collective sale, Weston Vision Real estate has been designated as the sole marketing agent, as well as Tan & Au LLP has been selected as the legal professional.
The collective sale committee (CSC) for the development was chosen in August 2021 and has since been trying to acquire the needed approval from the majority of proprietors. “I think it’s most likely we’ll be obtaining the 80% authorization soon,” states Ken Lim, chairman of the CSC. The proposed reserve price for the ideal collective sale, formerly set at $84 million, has been revised to $98 million.
Wintech Centre is located throughout 361m of the MacPherson MRT Station, 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 structure is also positioned near to Tanjong Katong Complex, Joo Chiat Complex plus City Plaza.
The CSC’s optimism adheres to the sale of J’Forte Property, a high-spec industrial building located less than a 10-minute drive from Wintech Hub, early on this year. On Jan 30, Metro Holdings as well as Boustead Projects introduced in which they, together with an independent institutional third-party, were collectively getting J’Forte Establishment for $98.8 million. The sale of the eight-storey residential property on Tai Seng Street was brokered by Knight Frank.
Lim notes that Wintech Centre is actually beginning to obtain interest rate ahead of the collective sale launch. “We have actually had some enquiries from certain financiers, including a REIT fund,” he discloses. He checks out the present atmosphere as an opportune time to launch the sale, especially coming off the recent property cooling down measures that happed into result last December. “Offered [the actions], we believe additional need will be viewed for commercial properties,” he says.