A consortium of seasoned property players have emerged to be behind the joint venture that won the bid for freehold industrial site 680 Upper Thomson Road.
The Edge Singapore first reported on Oct 10 that Macritchie Developments, privately-held by Ching Chiat Kwong and his son Shawn, won the site with $351 million.
Ching is better known as the honcho of Oxley Holdings, which has recently stated that it will rechannel its attention back into the local property market, having steadily moved its overseas projects.
Another JV partner, CP-Tagore, is under Centurion Properties, the private vehicle of the controlling shareholders of Centurion Corp, David Loh and Han Seng Juan.
In separate filings on Oct 22, three listed companies, LHN and KSH Holdings announced that they hold 5% and 25% respectively in Thomson Gem, the joint venture company formed to redevelop this site, which is the former headquarters of supermarket chain NTUC Fairprice.
Newly-listed Soon Hock Enterprise, which specialises in industrial property developments, holds 10% in the JV. Company founder Tan Yeow Khoon was previously heading logistics firm Cogent before selling it to Cosco Shipping for $490 million.
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The Chings, via Macritchie Developments, hold the largest share at 26.5%; Centurion Properties owns 22.5%.
There are three other shareholders: Petrus Capital Holdings which is controlled by Helman Sitohang, an adviser to Indonesia's sovereign wealth fund Danantara Indonesia and former private banker, and individuals Tay Lian Xie Tarol and Chin Hong Oon.
These remaining three shareholders own stakes of 3 to 5% each.
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According to KSH in its announcement, the JV enables it to capitalise on opportunities in the industrial property sector while diversifying its portfolio.
"Through the JV structure, the group can effectively spread development risks and leverage the complementary resources, experience, and expertise of the other JV shareholders to enhance project execution and long-term returns," says KSH.
