Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
Wintech Centre lies 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 structure is additionally situated near to Tanjong Katong Facility, Joo Chiat Complex plus City Plaza.
Under the URA Master Plan, the building is zoned for B1 commercial use with an authorized gross plot ratio of 2.5. The real estate sits on a land area of 64,713 sq ft along with the existing gross flooring area is 161,782 sq ft.
The CSC’s positive outlook complies with the sale of J’Forte Building, a high-spec industrial structure located no more than a 10-minute trip from Wintech Center, earlier this year. On Jan 30, Metro Holdings as well as Boustead Projects revealed in which they, together with an independent institutional third-party, were jointly acquiring J’Forte Establishment for $98.8 million. The deal of the eight-storey property on Tai Seng Road was brokered by Knight Frank.
The collective sale committee (CSC) for the project was assigned in August 2021 and has ever since been working to obtain the required authorization from most of owners. “I believe it’s likely we’ll be acquiring the 80% authorization eventually,” states Ken Lim, chairman of the CSC. The proposed reserve rate for the targeted cumulative sale, recently rated $84 million, has been changed to $98 million.
Lim notes that Wintech Centre is already beginning to earn interest on top of the collective sale launch. “We have actually had some queries from certain capitalists, consisting of a REIT fund,” he discloses. He views the existing setting as an appropriate time to start the sale, especially coming off the current property cooling procedures that took place into impact last December. “Given [the steps], we think added demand will be seen for industrial residential properties,” he states.
Created by Chiu Teng Group, a real estate builder and construction conglomerate being experts in business and also commercial constructions, Wintech Centre was finished in 2001. The eight-storey facility has a 60-year rent from 1997. It has an overall of 104 strata units which are acquired by 84 subsidiary owners.
The owners of Wintech Centre, a strata-titled light industrial structure at 6 Ubi Road 1, are one move nearer to releasing the real estate for en bloc sale.
For the cumulative sale, Weston Vision Real estate has been assigned as the single marketing agent, and also Tan & Au LLP has indeed been assigned as the legal representative.
