Quek Leng Chan, GuocoLand's chairman, is also a director of Hong Leong Investment Holdings.
GuocoLand, Hong Leong and CSC Land hold respective interests of 20%, 60% and 20% in the joint venture.
The site, which can be used to build around 860 residential units, is located next to the upcoming Hong Kah MRT Station of the Jurong Region Line and will be served by bus services that will ply Tengah Garden Avenue.
It is also located opposite the future Tengah Hospital and within two kilometres of the future Anglo-Chinese School (Primary).
Shares in GuocoLand closed flat at $1.46 on Jan 21.
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