Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The business owners of Wintech Centre, a strata-titled light industrial structure at 6 Ubi Roadway 1, are one step nearer to introducing the property for en bloc sale.
The CSC’s optimism follows the sale of J’Forte Building, a high-spec industrialized building found no more than a 10-minute drive from Wintech Centre, early on this year. On Jan 30, Metro Holdings and also Boustead Projects announced in which they, along 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.
Lim indicates that Wintech Centre is already starting to obtain interest ahead of the collective sale release. “We have actually had a few enquiries from particular investors, including a REIT fund,” he tells. He sees the current setting as a favorable time to start the sale, especially coming off the current property cooling measures that took place into impact last December. “Given [the procedures], we believe additional need will be observed for commercial properties,” he says.
Under the URA Master Plan, the building is area for B1 industrial utilization with an approved gross plot ratio of 2.5. The property remains on an acreage of 64,713 sq ft including the current gross floor space is 161,782 sq ft.
For the cumulative sale, Weston Vision Realty has been assigned as the sole marketing agent, and also Tan & Au LLP has been appointed as the lawyer.
Wintech Centre lies inside 361m of the MacPherson MRT Terminal, 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 property is additionally located close to Tanjong Katong Facility, Joo Chiat Complex and even City Plaza.
Created by Chiu Teng Group, a real estate developer as well as construction corporation specialising in industrial as well as industrial constructions, 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 owned by 84 branch proprietors.
The collective sale committee (CSC) for the development was designated in August 2021 and has ever since been operating to obtain the demanded approval from the majority of owners. “I believe it’s likely we’ll be acquiring the 80% confirmation soon,” says Ken Lim, chairman of the CSC. The recommended reserve rate for the ideal collective sale, previously rated $84 million, has actually been modified to $98 million.