Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The CSC’s optimism adheres to the sale of J’Forte Structure, a high-spec industrial establishment situated less than a 10-minute drive from Wintech Center, early on this year. On Jan 30, Metro Holdings and Boustead Projects revealed that they, along with a private institutional third-party, were collectively acquiring J’Forte Building for $98.8 million. The deal of the eight-storey property on Tai Seng Street was serviced by Knight Frank.
Under the URA Master Plan, the facility is zoned for B1 industrial usage with a permitted gross plot ratio of 2.5. The property sits on an acreage of 64,713 sq ft along with the present gross floor space is 161,782 sq ft.
The collective sale committee (CSC) for the project was designated in August 2021 and has ever since been working to obtain the demanded consent from the majority of proprietors. “I think it’s most likely we’ll be obtaining the 80% authorization eventually,” claims Ken Lim, chairman of the CSC. The recommended reservation cost for the intended collective sale, recently set at $84 million, has been changed to $98 million.
The owners of Wintech Centre, a strata-titled light industrial structure at 6 Ubi Roadway 1, are one move nearer to introducing the real estate for en bloc sale.
For the collective sale, Weston Vision Realty has been appointed as the sole marketing representative, and also Tan & Au LLP has indeed been designated as the legal professional.
Developed by Chiu Teng Group, a real estate builder as well as construction conglomerate specialising in business as well as industrial structures, Wintech Centre was completed in 2001. The eight-storey structure has a 60-year rent from 1997. It has a total of 104 strata units which are acquired by 84 branch proprietors.
Wintech Centre is located within 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 Circle Lines. The building is likewise positioned near to Tanjong Katong Facility, Joo Chiat Complex plus City Plaza.
Lim notes that Wintech Centre is already starting to obtain interest rate on top of the collective sale launch. “We have actually got some enquiries from certain investors, including a REIT fund,” he reveals. He sees the existing atmosphere as a favorable time to release the sale, specifically coming off the current property cooling down measures that came into impact last December. “Provided [the steps], we assume added requirement will be seen for commercial properties,” he says.