Reserve price for proposed collective sale of Wintech Centre raised to $98 mil

Established by Chiu Teng Group, a real estate developer and also construction empire being experts in business as well as commercial structures, Wintech Centre was finished in 2001. The eight-storey structure has a 60-year lease from 1997. It has an overall of 104 strata units which are owned by 84 subsidiary proprietors.

Wintech Centre is located within 361m of the MacPherson MRT Station, which is an interchange for the Circle and Downtown Lines. It is simply one stop from Paya Lebar MRT Interchange Station for the East-West and Circle Lines. The building is likewise located near to Tanjong Katong Facility, Joo Chiat Facility and City Plaza.

Under the URA Master Plan, the facility is zoned for B1 industrial usage with an approved gross plot ratio of 2.5. The property sits on an acreage of 64,713 sq ft including the present gross flooring space is 161,782 sq ft.

The collective sale committee (CSC) for the project was designated in August 2021 and has ever since been working to acquire the needed consent from most of owners. “I assume it’s likely we’ll be obtaining the 80% authorization soon,” claims Ken Lim, chairman of the CSC. The suggested reserve price for the ideal cumulative sale, recently evaluated $84 million, has been revised to $98 million.

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Lim notes that Wintech Centre is currently beginning to earn interest ahead of the cumulative sale launch. “We’ve had some queries from particular financiers, including a REIT fund,” he reveals. He sees the present environment as an appropriate time to release the sale, especially coming off the current property cooling measures that took place into impact last December. “Provided [the measures], we assume added requirement will certainly be seen for industrial properties,” he claims.

The owners of Wintech Centre, a strata-titled light industrial building at 6 Ubi Road 1, are one move nearer to releasing the property for en bloc sale.

For the collective sale, Weston Vision Real estate has been assigned as the single marketing agent, and Tan & Au LLP has been appointed as the legal professional.

The CSC’s positive outlook adheres to the sale of J’Forte Structure, a high-spec industrialized building found barely a 10-minute trip from Wintech Centre, earlier this year. On Jan 30, Metro Holdings and also Boustead Projects announced in which they, together with a private institutional third-party, were mutually obtaining J’Forte Establishment for $98.8 million. The sale of the eight-storey residential property on Tai Seng Street was brokered by Knight Frank.

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