Reserve price for proposed collective sale of Wintech Centre raised to $98 mil
/ EdgeProp Singapore |
Wintech Centre (Photo: Wintech CSC)
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SINGAPORE (EDGEPROP) - The owners of Wintech Centre, a strata-titled light industrial building at 6 Ubi Road 1, are one step closer to launching the property for en bloc sale. (See potential condos with en bloc calculator)
The collective sale committee (CSC) for the development was appointed in August 2021 and has since been working to get the required consent from the majority of owners. “I think it’s very likely we’ll be getting the 80% approval soon,” says Ken Lim, chairman of the CSC. The proposed reserve price for the targeted collective sale, previously set at $84 million, has been revised to $98 million.
The CSC’s optimism follows the sale of J’Forte Building, a high-spec industrial building located less than a 10-minute drive from Wintech Centre, earlier this year. On Jan 30, Metro Holdings and Boustead Projects announced that they, together with an independent institutional third-party, were jointly acquiring J’Forte Building for $98.8 million. The sale of the eight-storey property on Tai Seng Street was brokered by Knight Frank.
Lim notes that Wintech Centre is already starting to receive interest ahead of the collective sale launch. “We’ve had some enquiries 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 property cooling measures that came into effect last December. “Given [the measures], we think additional demand will be seen for industrial properties,” he says.
Map and overview of Wintech Centre (Source: EdgeProp LandLens)
Developed by Chiu Teng Group, a property developer and construction conglomerate specialising in commercial and industrial buildings, Wintech Centre was completed in 2001. The eight-storey building has a 60-year lease from 1997. It has a total of 104 strata units which are owned by 84 subsidiary proprietors.
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 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 is 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.
For the collective sale, Weston Vision Realty has been appointed as the sole marketing agent, and Tan & Au LLP has been appointed as the lawyer.
Recent resale transactions at Wintech Centre (Source: EdgeProp Research)
Check out the latest listings near Wintech Centre, J’Forte, Tai Seng Street, MacPherson MRT Station, Paya Lebar MRT Interchange Station
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