Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
Wintech Centre is located 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 likewise situated close to Tanjong Katong Facility, Joo Chiat Facility plus City Plaza.
For the collective sale, Weston Vision Real estate has been selected as the single marketing representative, and also Tan & Au LLP has been appointed as the legal professional.
Under the URA Master Plan, the facility is zoned for B1 commercial utilization 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.
Developed by Chiu Teng Group, a real property builder and construction empire being experts in business as well as commercial structures, Wintech Centre was completed in 2001. The eight-storey building has a 60-year lease from 1997. It has an overall of 104 strata units which are managed by 84 subsidiary owners.
Lim notes that Wintech Centre is actually starting to receive interest rate on top of the cumulative sale release. “We have actually had a few enquiries from certain capitalists, consisting of a REIT fund,” he discloses. He checks out the present environment as an opportune time to release the sale, especially coming off the recent property cooling down steps that happed into impact last December. “Offered [the measures], we assume added demand will certainly be viewed for commercial residential properties,” he claims.
The collective sale committee (CSC) for the development was assigned in August 2021 and has since been actually operating to get the needed approval from the majority of owners. “I believe it’s very likely we’ll be getting the 80% approval soon,” says Ken Lim, chairman of the CSC. The recommended reserve cost for the targeted cumulative sale, formerly set at $84 million, has been revised to $98 million.
The CSC’s positive outlook adheres to the sale of J’Forte Property, a high-spec industrial structure found barely a 10-minute drive from Wintech Hub, earlier this year. On Jan 30, Metro Holdings and Boustead Projects introduced in which they, together 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.
The owners of Wintech Centre, a strata-titled light commercial building at 6 Ubi Roadway 1, are one move nearer to launching the estate for en bloc sale.