Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
Wintech Centre is located within 361m of the MacPherson MRT Station, which is an interchange for the Circle and Downtown Lines. It is just one stop from Paya Lebar MRT Interchange Station for the East-West and also Circle Lines. The building is also located near to Tanjong Katong Complex, Joo Chiat Complex plus City Plaza.
Lim notes that Wintech Centre is already beginning to receive interest rate on top of the cumulative sale debut. “We have actually had a few enquiries from certain investors, consisting of a REIT fund,” he tells. He views the current environment as a suitable time to start the sale, especially coming off the recent property cooling steps that happed into result last December. “Offered [the measures], we believe additional need will certainly be viewed for industrial properties,” he states.
For the collective sale, Weston Vision Real estate has actually been selected as the single marketing representative, and also Tan & Au LLP has been selected as the legal representative.
The collective sale committee (CSC) for the development was appointed in August 2021 and has since been actually operating to acquire the needed approval from many of owners. “I think it’s very likely we’ll be getting the 80% confirmation very soon,” states Ken Lim, chairman of the CSC. The recommended reserve price for the ideal cumulative sale, previously rated $84 million, has actually been revised to $98 million.
Under the URA Master Plan, the building is area for B1 commercial usage with a permitted gross plot ratio of 2.5. The real estate remains on a land area of 64,713 sq ft including the existing gross flooring space is 161,782 sq ft.
The business owners of Wintech Centre, a strata-titled light commercial structure at 6 Ubi Road 1, are one step closer to introducing the property for en bloc sale.
The CSC’s positive outlook complies with the sale of J’Forte Structure, a high-spec industrial building located less than a 10-minute drive from Wintech Center, early on this year. On Jan 30, Metro Holdings and also Boustead Projects revealed in which they, along with a private institutional third-party, were collectively obtaining J’Forte Establishment for $98.8 million. The deal of the eight-storey property on Tai Seng Road was agented by Knight Frank.
Established by Chiu Teng Group, a property developer as well as construction empire specialising in commercial as well as commercial constructions, Wintech Centre was finished in 2001. The eight-storey facility has a 60-year contract from 1997. It has a total amount of 104 strata units which are acquired by 84 branch owners.