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

The Myst Condo The Myst Bukit Timah area offers many amenities for its surrounding residential, commercial, and educational areas, with easy access to public transport, tan Chong industrial park, and Hazel Park condominium building.

The owners of Wintech Centre, a strata-titled light industrial building at 6 Ubi Road 1, are aiming to launch the property for collective sale. Located on a sprawling 64,713 sq ft land area, the building came to completion in 2001 and has a total of 104 strata units owned by 84 subsidiary proprietors, who are working towards the collective sale with 80% required approval.

Ken Lim, chairman of the collective sale committee for the development, believes that the owners are likely to get the consensus soon. Furthermore, the pricing has also been revised with the targeted reserve price set at $98 million, up from the initially proposed $84 million.

With the recent sale of another industrial building, J’Forte Building on Tai Seng Street, located less than a 10-minute drive from Wintech Centre, having been acquired by Metro Holdings and Boustead Projects for $98.8 million, the CSC is optimistic. “We’ve had some enquiries from certain investors, including a REIT fund,” Lim noted.

The current market environment has been viewed as an opportune time for the collective sale launch, especially with the recent property cooling measures that were brought into effect in December. According to Lim, the measures are likely to increase the demand for industrial properties.

Situated a mere 361m from MacPherson MRT Station, Wintech Centre is an interchange for Circle and Downtown lines, and also just one stop away from Paya Lebar MRT Interchange Station for the East-West and Circle Lines. The location being close to Tanjong Katong Complex, Joo Chiat Complex and City Plaza, has also further added to its popularity.

Weston Vision Realty has been appointed as the sole marketing agent and Tan & Au LLP have been appointed as the lawyer, for the collective sale. With their help and the necessary support, this could be the perfect time for the property owners to close the deal.