Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
The CSC’s optimism complies with the sale of J’Forte Building, a high-spec industrialized structure situated no more than a 10-minute drive from Wintech Center, early on this year. On Jan 30, Metro Holdings as well as Boustead Projects announced that they, together with an independent institutional third-party, were mutually obtaining J’Forte Establishment for $98.8 million. The deal of the eight-storey residential property on Tai Seng Road 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 most of owners. “I think it’s very likely we’ll be obtaining the 80% confirmation very soon,” claims Ken Lim, chairman of the CSC. The proposed reservation rate for the ideal collective sale, recently evaluated $84 million, has been revised to $98 million.
Wintech Centre lies within 361m of the MacPherson MRT Terminal, 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 Facility, Joo Chiat Complex plus City Plaza.
Lim indicates that Wintech Centre is actually beginning to obtain interest on top of the collective sale launch. “We have actually had some queries from certain capitalists, including a REIT fund,” he discloses. He views the existing environment as a suitable time to launch the sale, particularly coming off the current property cooling down steps that came into impact last December. “Provided [the steps], we believe additional demand will be viewed for commercial properties,” he says.
For the collective sale, Weston Vision Real estate has been selected as the sole marketing agent, and also Tan & Au LLP has indeed been selected as the lawyer.
The owners of Wintech Centre, a strata-titled light commercial building at 6 Ubi Roadway 1, are one step closer to launching the estate for en bloc sale.
Created by Chiu Teng Group, a real estate developer as well as construction conglomerate specialising in commercial and industrial constructions, Wintech Centre was completed in 2001. The eight-storey facility has a 60-year lease from 1997. It has a total of 104 strata units which are managed by 84 branch proprietors.
Under the URA Master Plan, the building is zoned for B1 commercial use with an approved gross plot ratio of 2.5. The commercial property remains on an acreage of 64,713 sq ft along with the current gross flooring space is 161,782 sq ft.
