Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The owners of Wintech Centre, a strata-titled light industrial structure at 6 Ubi Road 1, are one step closer to releasing the real estate for en bloc sale.
Wintech Centre is located within 361m of the MacPherson MRT Station, which is an interchange for the Circle along with Downtown Lines. It is just one stop from Paya Lebar MRT Interchange Station for the East-West and Circle Lines. The building is additionally located near to Tanjong Katong Facility, Joo Chiat Complex plus City Plaza.
Established by Chiu Teng Group, a property builder and also construction conglomerate specialising in industrial and industrial constructions, Wintech Centre was completed in 2001. The eight-storey building has a 60-year lease from 1997. It has a total of 104 strata units which are managed by 84 subsidiary proprietors.
For the collective sale, Weston Vision Realty has been designated as the single marketing representative, as well as Tan & Au LLP has been appointed as the lawyer.
The CSC’s positive outlook complies with the sale of J’Forte Structure, a high-spec industrialized establishment situated barely a 10-minute ride from Wintech Centre, early on this year. On Jan 30, Metro Holdings as well as Boustead Projects announced that they, together with an independent institutional third-party, were collectively getting J’Forte Structure for $98.8 million. The sale of the eight-storey property on Tai Seng Road was agented by Knight Frank.
Under the URA Master Plan, the building is area for B1 industrial use with an approved gross plot ratio of 2.5. The property sits on a land area of 64,713 sq ft along with the current gross floor space is 161,782 sq ft.
Lim mentions that Wintech Centre is actually commencing to earn interest ahead of the collective sale debut. “We have actually had several queries from specific capitalists, consisting of a REIT fund,” he reveals. He sees the present atmosphere as an appropriate time to launch the sale, especially coming off the recent property cooling actions that took place into effect last December. “Given [the procedures], we assume added requirement will certainly be observed for commercial properties,” he states.
The collective sale committee (CSC) for the project was designated in August 2021 and has ever since been working to acquire the needed consent from the majority of owners. “I assume it’s highly likely we’ll be acquiring the 80% confirmation eventually,” says Ken Lim, chairman of the CSC. The suggested reserve rate for the intended cumulative sale, formerly evaluated $84 million, has been revised to $98 million.