Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The CSC’s optimism follows the sale of J’Forte Building, a high-spec industrial establishment situated less than a 10-minute drive from Wintech Hub, early on this year. On Jan 30, Metro Holdings and Boustead Projects revealed in which they, along with an independent 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 brokered by Knight Frank.
The collective sale committee (CSC) for the property development was designated in August 2021 and has since been actually operating to acquire the needed consent from the majority of owners. “I believe it’s highly likely we’ll be acquiring the 80% confirmation very soon,” claims Ken Lim, chairman of the CSC. The suggested reserve price for the targeted collective sale, previously set at $84 million, has actually been revised to $98 million.
Wintech Centre lies inside 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 structure is likewise situated close to Tanjong Katong Complex, Joo Chiat Facility plus City Plaza.
Under the URA Master Plan, the building is zoned for B1 industrial use with an approved gross plot ratio of 2.5. The commercial property remains on an acreage of 64,713 sq ft including the present gross flooring space is 161,782 sq ft.
Lim indicates that Wintech Centre is actually starting to earn interest rate on top of the cumulative sale release. “We’ve got some enquiries from certain capitalists, including a REIT fund,” he discloses. He views the present setting as a favorable time to release the sale, particularly coming off the recent property cooling actions that took place into result last December. “Given [the procedures], we assume additional requirement will be seen for commercial residential properties,” he says.
Established by Chiu Teng Group, a real property builder and construction corporation specialising in commercial as well as commercial constructions, Wintech Centre was finished in 2001. The eight-storey building has a 60-year rent from 1997. It has an overall of 104 strata units which are acquired by 84 branch owners.
The business owners of Wintech Centre, a strata-titled light industrial structure at 6 Ubi Roadway 1, are one step closer to releasing the property for en bloc sale.
For the cumulative sale, Weston Vision Realty has been designated as the sole marketing representative, as well as Tan & Au LLP has been designated as the legal representative.