Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The owners of Wintech Centre, a strata-titled light commercial structure at 6 Ubi Road 1, are one step nearer to launching the estate for en bloc sale.
Created by Chiu Teng Group, a real property developer as well as construction empire specialising in business as well as industrial buildings, Wintech Centre was completed in 2001. The eight-storey facility has a 60-year lease from 1997. It has a total 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 working to acquire the required approval from many of proprietors. “I believe it’s highly likely we’ll be obtaining the 80% confirmation very soon,” states Ken Lim, chairman of the CSC. The proposed reserve price for the targeted cumulative sale, formerly set at $84 million, has actually been changed to $98 million.
The CSC’s positive outlook complies with the sale of J’Forte Property, a high-spec industrial building located less than a 10-minute trip from Wintech Hub, early on this year. On Jan 30, Metro Holdings and also Boustead Projects announced that they, along with a private institutional third-party, were mutually obtaining J’Forte Building for $98.8 million. The deal of the eight-storey residential property on Tai Seng Road was brokered by Knight Frank.
Wintech Centre lies throughout 361m of the MacPherson MRT Terminal, which is an interchange for the Circle and Downtown Lines. It is simply one stop from Paya Lebar MRT Interchange Station for the East-West and Circle Lines. The property is additionally positioned close to Tanjong Katong Facility, Joo Chiat Complex and even City Plaza.
Lim notes that Wintech Centre is currently commencing to obtain interest rate on top of the collective sale release. “We’ve had some enquiries from particular investors, consisting of a REIT fund,” he reveals. He views the present setting as an appropriate time to launch the sale, especially coming off the current property cooling steps that came into result last December. “Provided [the steps], we think added need will certainly be seen for commercial residential properties,” he states.
For the cumulative sale, Weston Vision Real estate has actually been selected as the single marketing representative, and also Tan & Au LLP has indeed been selected as the lawyer.
Under the URA Master Plan, the facility is area for B1 commercial use with a permitted gross plot ratio of 2.5. The real estate sits on an acreage of 64,713 sq ft along with the existing gross flooring space is 161,782 sq ft.