GuocoLand wins joint bid worth $571.5 million for land in Singapore (updated)

Guocoland

16/04/2024 11:47

(Adds details from paragraph 2 onwards)
       April 16 (Reuters) - Singapore's GuocoLand  GUOC.SI 
said on Tuesday a tender submitted by its unit with Intrepid
Investments for a piece of land has been accepted by the Urban
Redevelopment Authority of Singapore at a bid price of S$779.6
million ($571.51 million).
    The unit GuocoLand (Singapore) would hold a 60% stake in the
land, while Intrepid, a unit of Hong Leong Group's investment
arm, would have a 40% interest.
        The piece of land located at Upper Thomson Road could
potentially yield about 940 residential units, GuocoLand said.
  

($1 = 1.3641 Singapore dollars).

 (Reporting by Echha Jain in Bengaluru; Editing by Vijay
Kishore)
 ((Echha.Jain@thomsonreuters.com;))