Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
Wintech Centre lies inside 361m of the MacPherson MRT Station, which is an interchange for the Circle and Downtown Lines. It is simply one stop from Paya Lebar MRT Interchange Station for the East-West and also Circle Lines. The property is likewise positioned near Tanjong Katong Complex, Joo Chiat Facility and City Plaza.
For the collective sale, Weston Vision Realty has been assigned as the single marketing agent, and also Tan & Au LLP has indeed been assigned as the legal representative.
Created by Chiu Teng Group, a property builder and also construction corporation specialising in industrial and commercial constructions, Wintech Centre was completed in 2001. The eight-storey building has a 60-year contract from 1997. It has a total amount of 104 strata units which are owned by 84 part owners.
The CSC’s positive outlook follows the sale of J’Forte Property, a high-spec industrialized building situated barely a 10-minute trip from Wintech Center, earlier this year. On Jan 30, Metro Holdings and also Boustead Projects revealed that they, together with a private institutional third-party, were jointly obtaining J’Forte Establishment for $98.8 million. The sale of the eight-storey property on Tai Seng Street was agented by Knight Frank.
The owners of Wintech Centre, a strata-titled light commercial structure at 6 Ubi Roadway 1, are one step nearer to launching the estate for en bloc sale.
Under the URA Master Plan, the facility is area for B1 industrial utilization with an authorized gross plot ratio of 2.5. The commercial property remains on an acreage of 64,713 sq ft and the present gross floor area is 161,782 sq ft.
The collective sale committee (CSC) for the property development was chosen in August 2021 and has ever since been actually operating to acquire the required consent from the majority of owners. “I think it’s highly likely we’ll be acquiring the 80% approval eventually,” says Ken Lim, chairman of the CSC. The proposed reserve rate for the intended collective sale, previously rated $84 million, has been revised to $98 million.
Lim indicates that Wintech Centre is actually beginning to obtain interest rate on top of the cumulative sale debut. “We’ve got some queries from certain capitalists, including a REIT fund,” he discloses. He views the current atmosphere as an appropriate time to release the sale, specifically coming off the current property cooling down measures that happed into effect last December. “Given [the steps], we assume added demand will be observed for commercial properties,” he claims.
