SINGAPORE (EDGEPROP) - The owners of Wintech Centre, an eight-storey, strata-titled light industrial building at Ubi Road elected their collective sale committee (CSC) on August 18 to attempt their first collective sale. The chairman of the CSC at Wintech Centre is Ken Lim, founder and chairman of Real Centre Network (RCN), an approved training organization for real estate salespersons. He was elected CSC chairman in November 2019 too. “But with the Covid-19 pandemic a few months later, the timing wasn’t ideal,” concedes Lim. “We decided to let it lapse then, and we started the process again last month. The response has been very positive.” (See also: The next chapter in Paya Lebar’s development)
Developed by Chiu Teng Group, a property developer and construction conglomerate specialising in commercial and industrial buildings, Wintech Centre was completed in 2001. The building has a remaining lease of 36 years on the original 60-year lease from 1997.
Under the URA Master Plan, the building is zoned for B1 industrial use with an approved gross plot ratio of 2.5. The property sits on a land area of 64,713 sq ft and the current gross floor area (GFA) is 161,782 sq ft.
Wintech Centre is located within 361m of the MacPherson MRT station, which is an interchange for the Circle and Downtown Lines. It’s just one stop from Paya Lebar MRT interchange station for the East-West and Circle Lines.
Given its location at Ubi Road, Wintech Centre is expected to benefit from the government’s Master Plan for Paya Lebar Central into a city fringe commercial hub. New developments in Paya Lebar Central include Paya Lebar Square, the redevelopment of SingPost Centre and Paya Lebar Quarter integrated development, with the PLQ Mall, three office towers of close to 1 million sq ft and the 429-unit Park Place Residences.
Besides being close to Paya Lebar Central, where greater rejuvenation is likely to take place, especially when the leases of the old, flatted factories at Ubi Industrial Estate expire, says Lim.
Wintech Centre was developed by Chiu Teng Group and completed in 2001, with a 60-year lease from 1997 (Photo: Wintech Centre CSC)
The government has plans for the greater Paya Lebar area, especially after the relocation of the Paya Lebar Airbase in 2030. The airbase and surrounding industrial developments, which is equivalent in area to five Toa Payoh Towns, will progressively be transformed into “a highly liveable and sustainable new town”, according to URA in its Master Plan.
“Wintech Centre is expected to benefit from the development potential arising from the future Paya Lebar Master Plan in 2030,” says Lim.
In the vicinity, Mapletree Industrial Trust (MIT) acquired the data centre at 7 Tai Seng Drive for $68 million ($265 psf) in 2017. The building is zoned B2 industrial, and has a 30+30 year lease from 1993.
Mapletree developed the nine-storey, high-specification mixed-use industrial complex at 18 Tai Seng. It has a mix of B2 industrial (280,703 sq ft), office (53,441 sq ft) and retail (47,068 sq ft) spaces. Completed in 2016, the building is connected underground to the Tai Seng MRT station on the Circle Line and is located within the Paya Lebar iPark. It was sold to MIT for $268.3 million ($605 psf) in February 2019.
Near Wintech Centre is AZ@Paya Lebar at Paya Lebar Road. The freehold, strata-titled industrial building was acquired by Ascendas Land and the units were upgraded into high-specification B1 and warehouse space. They were sold at prices ranging from $836 to $2,100 psf, according to caveats lodged from March to June 2012. Over the past year, strata industrial units at AZ@Paya Lebar have changed hands at prices ranging from $1,160 psf to $1,701 psf, based on caveats lodged from July 2020 to August 2021.
Meanwhile, at Paya Lebar Square, a 99-year leasehold mixed-use commercial complex completed in 2015, strata-titled office units transacted over the past 12 months have ranged from $1,895 psf to $2,151 psf, based on caveats lodged from August 2020 to August 2021 to date.
The CSC of Wintech Centre is now looking to appoint a property consultant and a lawyer to advise them on their collective sale process.
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