[ET Net News Agency, 31 December 2019] Guoco Group Limited (00053) said its subsidiary
GLS has entered into a JV agreement with Intrepid and HRPL as well as CDPL. The
shareholders agreed to jointly participate in the acquisition and redevelopment of the
property in the agreed JV proportion.
CDPL is the joint venture company to undertake the project, including among other
things, the enbloc acquisition from independent third parties of the property through a
tender at an accepted tender price of SGD980 million and the proposed re-development of
the property into 2 towers of 36-storey apartments (total: 376 units) with landscape deck,
common basement carparks and common facilities. The total funding commitment of GLS is
SGD143.19 million.
The property is a prime freehold site in Singapore with a site area of 11,924.3 square
metres and a plot ratio of 3.84. (RC)
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31/12/2019 11:14
Guoco Group (00053) unit to invest in property project
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