GuocoLand’s unit has entered into a joint venture agreement for the real estate development in Singapore, parent Guoco Group declared on 18th December 2023.

The agreement signed with CSC Land Group (Singapore) and Intrepid Investments would see GuocoLand (Singapore) (GSL) taking up the acquisition, development and dealing of the real estate located at Lentor Central in Singapore. This is another agreement for Intrepid Investments and GuocoLand to co-develop a property in Lentor, after their Lentor Mansion joint venture.

It would include the marketing for the sale of housing units and the lease of the childcare facilities too, said Hong Kong’s Guoco Group, which holds around a 66.8% stake in GuocoLand.

The land was acquired through a tender of $435.2 million, it revealed.

GSL will contribute around $47.3 million to the joint venture that would comprise of a shareholder’s loan of $46.1 million and $1.2 million in share capital.

The JV will be owned 30% by GuocoLand’s unit and 50% and 20% by Intrepid and CSC Land, respectively, the company said.

Source: https://www.straitstimes.com/business/property/guocolands-unit-signs-jv-agreement-to-develop-land-in-singapore