Reserve price for proposed collective sale of Wintech Centre raised to $98 mil

Under the URA Master Plan, the structure is zoned for B1 industrial use with an approved gross plot ratio of 2.5. The commercial property sits on an acreage of 64,713 sq ft along with the present gross floor space is 161,782 sq ft.

The owners of Wintech Centre, a strata-titled light commercial building at 6 Ubi Road 1, are one move nearer to launching the property for en bloc sale.

For the collective sale, Weston Vision Realty has been selected as the single marketing agent, and Tan & Au LLP has been appointed as the legal professional.

Created by Chiu Teng Group, a property developer and also construction empire specialising in business and commercial structures, Wintech Centre was completed in 2001. The eight-storey building has a 60-year lease from 1997. It has an overall of 104 strata units which are owned by 84 subsidiary proprietors.

The collective sale committee (CSC) for the development was chosen in August 2021 and has ever since been actually trying to get the required authorization from most of proprietors. “I think it’s very likely we’ll be acquiring the 80% approval very soon,” states Ken Lim, chairman of the CSC. The suggested reserve cost for the ideal cumulative sale, recently set at $84 million, has actually been modified to $98 million.

Lim notes that Wintech Centre is actually starting to receive interest rate on top of the collective sale release. “We have actually had some queries from specific capitalists, consisting of a REIT fund,” he reveals. He checks out the existing atmosphere as an appropriate time to launch the sale, especially coming off the recent property cooling procedures that happed into effect last December. “Given [the actions], we assume additional requirement will be viewed for industrial residential properties,” he says.

The CSC’s optimism follows the sale of J’Forte Building, a high-spec industrial establishment found barely a 10-minute ride from Wintech Centre, early on this year. On Jan 30, Metro Holdings and Boustead Projects announced in which they, together with a private institutional third-party, were jointly obtaining J’Forte Structure for $98.8 million. The sale of the eight-storey residential property on Tai Seng Road was brokered by Knight Frank.

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Wintech Centre lies throughout 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 also Circle Lines. The property is additionally positioned near Tanjong Katong Complicated, Joo Chiat Facility and even City Plaza.