Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The CSC’s positive outlook complies with the sale of J’Forte Building, a high-spec industrialized building located less than a 10-minute trip from Wintech Centre, earlier this year. On Jan 30, Metro Holdings as well as Boustead Projects revealed in which they, along with an independent institutional third-party, were mutually getting J’Forte Building for $98.8 million. The sale of the eight-storey residential property on Tai Seng Street was serviced by Knight Frank.
For the cumulative sale, Weston Vision Real estate has been assigned as the sole marketing representative, as well as Tan & Au LLP has indeed been designated as the legal professional.
Established by Chiu Teng Group, a real property builder as well as construction conglomerate specialising in commercial and also industrial constructions, Wintech Centre was finished in 2001. The eight-storey building has a 60-year rent from 1997. It has a total of 104 strata units which are acquired by 84 part owners.
Under the URA Master Plan, the building is area for B1 industrial usage with a permitted gross plot ratio of 2.5. The real estate sits on a land area of 64,713 sq ft along with the current gross floor space is 161,782 sq ft.
Lim indicates that Wintech Centre is actually commencing to obtain interest rate ahead of the cumulative sale release. “We have actually had a few enquiries from particular investors, consisting of a REIT fund,” he tells. He views the present environment as an opportune time to release the sale, specifically coming off the current property cooling steps that came into result last December. “Provided [the measures], we believe extra requirement will certainly be viewed for commercial residential properties,” he states.
The collective sale committee (CSC) for the project was assigned in August 2021 and has ever since been actually trying to obtain the required approval from most of owners. “I think it’s most likely we’ll be getting the 80% authorization very soon,” states Ken Lim, chairman of the CSC. The recommended reserve rate for the ideal collective sale, formerly set at $84 million, has been changed to $98 million.
Wintech Centre lies within 361m of the MacPherson MRT Station, 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 also positioned near Tanjong Katong Complex, Joo Chiat Facility and City Plaza.
The owners of Wintech Centre, a strata-titled light industrial building at 6 Ubi Roadway 1, are one step nearer to releasing the property for en bloc sale.