GuocoLand’s unit signs JV agreement to develop land in Singapore

(Reuters) -GuocoLand’s unit has entered into a joint venture agreement for the property development in Singapore, parent Guoco Group 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)