A group of experienced real estate players has come together for the joint venture that secured the bid for the freehold industrial site at 680 Upper Thomson Road.
The Edge Singapore initially reported on October 10 that Macritchie Developments, a privately held entity led by Ching Chiat Kwong and his son Shawn Ching, won the site with a bid of $351 million.
Ching is widely recognized as the chief of Oxley Holdings, which has recently announced its intent to refocus on the local property market after gradually shifting its projects overseas.
Another partner in the joint venture, CP-Tagore, is a subsidiary of Centurion Properties, the private investment vehicle of controlling shareholders David Loh and Han Seng Juan.
In separate announcements made on October 22, listed companies LHN and KSH Holdings reported that they hold 5% and 25%, respectively, in Thomson Gem, the joint venture company established to redevelop the site, formerly the headquarters of NTUC Fairprice supermarket chain.
Newly-listed Soon Hock Enterprise, specializing in industrial property development, holds a 10% stake in the joint venture. The company’s founder, Tan Yeow Khoon, previously led logistics firm Cogent before selling it to Cosco Shipping for $490 million.
The Chings, through Macritchie Developments, hold the largest share at 26.5%, while Centurion Properties owns 22.5%.
There are three additional shareholders: Petrus Capital Holdings, controlled by Helman Sitohang, an advisor to Indonesia's sovereign wealth fund Danantara Indonesia and a former private banker; along with individuals Tay Lian Xie Tarol and Chin Hong Oon.
These three remaining shareholders own stakes ranging from 3% to 5% each.
KSH stated in its announcement that the joint venture allows it to leverage opportunities in the industrial property sector while diversifying its portfolio.
"Through the joint venture structure, the group can effectively distribute development risks and utilize the complementary resources, experiences, and expertise of the other joint venture shareholders to enhance project execution and long-term returns," KSH added.