Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
Under the URA Master Plan, the building is area for B1 commercial utilization with an approved gross plot ratio of 2.5. The real estate remains on an acreage of 64,713 sq ft along with the existing gross floor space is 161,782 sq ft.
The CSC’s positive outlook follows the sale of J’Forte Property, a high-spec industrial structure situated barely a 10-minute trip from Wintech Hub, early on this year. On Jan 30, Metro Holdings and also Boustead Projects revealed in which they, together with a private institutional third-party, were collectively obtaining J’Forte Building for $98.8 million. The deal of the eight-storey property on Tai Seng Street was serviced by Knight Frank.
The collective sale committee (CSC) for the project was appointed in August 2021 and has since been working to get the needed approval from many of proprietors. “I assume it’s highly likely we’ll be acquiring the 80% confirmation very soon,” claims Ken Lim, chairman of the CSC. The suggested reservation cost for the intended cumulative sale, previously evaluated $84 million, has been modified to $98 million.
Lim notes that Wintech Centre is already beginning to receive interest ahead of the collective sale debut. “We’ve had several queries from certain capitalists, including a REIT fund,” he discloses. He sees the present environment as an opportune time to launch the sale, especially coming off the recent property cooling measures that came into impact last December. “Provided [the measures], we believe added need will certainly be seen for commercial properties,” he claims.
Wintech Centre is located 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 also Circle Lines. The structure is also situated near to Tanjong Katong Complex, Joo Chiat Facility and City Plaza.
Developed by Chiu Teng Group, a property developer and also construction conglomerate being experts in commercial and commercial structures, Wintech Centre was completed in 2001. The eight-storey building has a 60-year contract from 1997. It has a total amount of 104 strata units which are owned by 84 subsidiary owners.
For the cumulative sale, Weston Vision Realty has been assigned as the single marketing representative, as well as Tan & Au LLP has indeed been appointed as the legal professional.
The business owners of Wintech Centre, a strata-titled light commercial structure at 6 Ubi Road 1, are one step closer to launching the property for en bloc sale.