Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The CSC’s positive outlook adheres to the sale of J’Forte Structure, a high-spec industrial establishment situated barely a 10-minute drive from Wintech Center, earlier this year. On Jan 30, Metro Holdings and Boustead Projects announced that they, along with an independent institutional third-party, were collectively obtaining J’Forte Structure for $98.8 million. The deal of the eight-storey residential property on Tai Seng Street was serviced by Knight Frank.
Under the URA Master Plan, the facility is area for B1 commercial use with a permitted gross plot ratio of 2.5. The property remains on a land area of 64,713 sq ft including the existing gross floor area is 161,782 sq ft.
Wintech Centre is located within 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 Circle Lines. The property is also positioned near to Tanjong Katong Facility, Joo Chiat Facility plus City Plaza.
For the collective sale, Weston Vision Real estate has been assigned as the single marketing agent, as well as Tan & Au LLP has been selected as the legal professional.
The business owners of Wintech Centre, a strata-titled light commercial structure at 6 Ubi Roadway 1, are one move nearer to releasing the property for en bloc sale.
Created by Chiu Teng Group, a property developer and construction empire being experts in commercial and also commercial structures, Wintech Centre was completed in 2001. The eight-storey building has a 60-year rent from 1997. It has an overall of 104 strata units which are acquired by 84 branch owners.
The collective sale committee (CSC) for the project was designated in August 2021 and has ever since been working to get the required authorization from most of owners. “I think it’s likely we’ll be obtaining the 80% authorization eventually,” says Ken Lim, chairman of the CSC. The proposed reservation rate for the intended collective sale, formerly evaluated $84 million, has been revised to $98 million.
Lim indicates that Wintech Centre is already commencing to receive interest on top of the collective sale debut. “We’ve got several queries from certain investors, consisting of a REIT fund,” he discloses. He checks out the existing setting as a suitable time to launch the sale, especially coming off the current property cooling steps that happed into impact last December. “Provided [the measures], we think additional need will be seen for industrial properties,” he states.