Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The collective sale committee (CSC) for the project was designated in August 2021 and has since been actually working to obtain the needed consent from the majority of owners. “I believe it’s highly likely we’ll be obtaining the 80% authorization very soon,” states Ken Lim, chairman of the CSC. The recommended reserve rate for the ideal cumulative sale, previously rated $84 million, has been revised to $98 million.
Created by Chiu Teng Group, a real estate developer and construction empire specialising in industrial as well as industrial buildings, Wintech Centre was finished in 2001. The eight-storey facility has a 60-year contract from 1997. It has an overall of 104 strata units which are managed by 84 branch owners.
Wintech Centre lies inside 361m of the MacPherson MRT Station, 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 also Circle Lines. The building is additionally positioned near to Tanjong Katong Complex, Joo Chiat Complex plus City Plaza.
For the cumulative sale, Weston Vision Real estate has been selected as the sole marketing representative, and Tan & Au LLP has been designated as the lawyer.
Lim indicates that Wintech Centre is currently starting to receive interest rate ahead of the cumulative sale release. “We’ve had some queries from specific investors, including a REIT fund,” he discloses. He watches the existing atmosphere as an appropriate time to launch the sale, particularly coming off the recent property cooling down actions that came into impact last December. “Given [the steps], we think added need will be viewed for industrial residential properties,” he claims.
The CSC’s optimism adheres to the sale of J’Forte Property, a high-spec industrialized establishment found barely a 10-minute ride from Wintech Center, 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 getting J’Forte Structure for $98.8 million. The sale of the eight-storey residential property on Tai Seng Road was serviced by Knight Frank.
Under the URA Master Plan, the building is zoned for B1 industrial use with an authorized gross plot ratio of 2.5. The real estate sits on an acreage of 64,713 sq ft along with the present gross floor space is 161,782 sq ft.
The owners of Wintech Centre, a strata-titled light industrial building at 6 Ubi Roadway 1, are one move nearer to introducing the real estate for en bloc sale.