GuocoLand's unit signs JV agreement to develop land in Singapore (updated)

Guoco

18/12/2023 11:37

(Adds details of JV and background in paragraph 2-6)
       Dec 18 (Reuters) - GuocoLand's  GUOC.SI  unit has
entered into a joint venture agreement for the property
development in Singapore, parent Guoco Group  0053.HK  said on
Monday.
    The agreement signed with Intrepid Investments and CSC Land
Group (Singapore) would see GuocoLand (Singapore) Pte (GSL)
taking up the acquisition, development and dealing of the
property located at Lentor Central in Singapore. 
    It would also include the marketing for the sale of
residential units and the lease of the childhood development
center, said Hong Kong's Guoco Group, which holds about a 66.8%
stake in GuocoLand. 
    The property was acquired through a tender of S$435.2
million ($326.90 million), it said.  
    GSL will contribute about S$47.3 million to the joint
venture that would comprise of a shareholder's loan of S$46.1
million and S$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.  
    
    
    
($1 = 1.3314 Singapore dollars)

 (Reporting by Nausheen Thusoo in Bengaluru; Editing by Shweta
Agarwal)
 ((Nausheen.Thusoo@thomsonreuters.com;))