Owners of Wintech Centre targeting collective sale with $84 mil reserve price
/ EdgeProp Singapore |
The owners of Wintech Centre are looking to to put it up for collective sale with a reserve price of $84 million (Photo: Wintech Centre Collective Sale Committee)
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SINGAPORE (EDGEPROP) - At a general meeting held in August of last year, the owners of Wintech Centre, an eight-storey, strata-titled light industrial building at 6 Ubi Road 1, elected their collective sale committee (CSC) to attempt their first collective sale.
Since then, the CSC has made further steps in the collective sales process. Strata AMC and Weston Vision Realty have been appointed as joint marketing agents for the property while Tan & Au LLP has been appointed as the lawyer for the transaction.
Ken Lim, chairman of Wintech Centre’s CSC, notes that the committee took its time selecting consultants. “We didn’t want to rush the process, but instead wanted to make sure we got the right people,” he says.
A reserve price of $84 million has also been proposed for the collective sale. Another general meeting is targeted to be held in June where consent from at least 80% of the development’s owners by share value and strata area must be obtained before the collective sale can proceed.
Lim is confident that the threshold will be achieved, noting that at the first general meeting held last August, 60% voted in favour of starting the collective sale process. “I think it’s very likely we’ll get the 80% approval,” he remarks. Wintech Centre has a total of 104 strata units which are owned by 84 subsidiary proprietors.
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 about 35 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. (Check all latest Singapore property Market Trends)
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.
The building is also located close to Tanjong Katong Complex, Joo Chiat Complex and City Plaza.
Lim notes that Wintech Centre is already starting to receive interest ahead of the collective sale launch. “We’ve had some inquiries from certain investors, including a REIT fund,” he discloses. He views the current environment as an opportune time to launch the sale, especially coming off the recent cooling measures that came into effect last December. “Given [the measures], we think additional demand will be seen for industrial properties,” he says.
Check out the latest listings near Wintech Centre, MacPherson MRT station, Paya Lebar MRT interchange station
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