Macritchie Developments Pte Ltd, a private company owned by Ching Chiat Kwong and his son Shawn, has won the tender for a freehold B1 industrial site at 680 Upper Thomson Road. According to the Business Times, the site was put up for tender by NTUC Fairprice Co-operative for $300 million.
The winning bid for the hotly contested site is believed to be around $351 million.
The land area is 263,902 sq ft, and the current gross floor area is 232,072 sq ft. The development baseline GFA is around 527,804 sq ft as the plot ratio is 2 times. The price paid works out at around $665 psf ppr.
“Potential transformations include the establishment of an integrated development combining industrial uses with complementary retail and ancillary spaces, high-performance data centres, state-of-the-art food factory, and the development of niche and specialty industrial operations,” CBRE says in its promotional material on the site.
