Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
Developed by Chiu Teng Group, a real estate builder and also construction empire being experts in business as well as industrial buildings, Wintech Centre was completed in 2001. The eight-storey facility has a 60-year lease from 1997. It has an overall of 104 strata units which are managed by 84 branch owners.
Under the URA Master Plan, the structure is area for B1 commercial usage with an authorized gross plot ratio of 2.5. The commercial property sits on an acreage of 64,713 sq ft along with the current gross flooring space is 161,782 sq ft.
Lim mentions that Wintech Centre is actually starting to receive interest rate ahead of the collective sale release. “We have actually got some enquiries from specific investors, including a REIT fund,” he discloses. He watches the existing environment as a suitable time to start the sale, particularly coming off the recent property cooling actions that came into impact last December. “Provided [the measures], we assume added demand will be observed for industrial properties,” he claims.
Wintech Centre is located throughout 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 structure is additionally situated near to Tanjong Katong Complicated, Joo Chiat Complex and City Plaza.
For the collective sale, Weston Vision Real estate has actually been assigned as the sole marketing agent, and Tan & Au LLP has been assigned as the lawyer.
The collective sale committee (CSC) for the property development was assigned in August 2021 and has since been trying to get the demanded approval from the majority of owners. “I assume it’s very likely we’ll be obtaining the 80% authorization eventually,” says Ken Lim, chairman of the CSC. The proposed reserve price for the ideal cumulative sale, formerly evaluated $84 million, has actually been modified to $98 million.
The CSC’s positive outlook adheres to the sale of J’Forte Structure, a high-spec industrialized building found no more than a 10-minute trip from Wintech Hub, earlier this year. On Jan 30, Metro Holdings as well as Boustead Projects revealed in which they, along with a private institutional third-party, were jointly obtaining J’Forte Building for $98.8 million. The deal of the eight-storey property on Tai Seng Road was agented by Knight Frank.
The owners of Wintech Centre, a strata-titled light commercial building at 6 Ubi Roadway 1, are one step nearer to introducing the property for en bloc sale.
