GuocoLand Limited has signed a joint venture agreement with a wholly-owned subsidiary of Hong Leong Holdings (HLH) for the development of a land parcel at Tengah Garden Avenue, according to a release dated April 22.
GuocoLand first entered a memorandum of general agreement with Intrepid Investments and CSC Land Group - two entities established for the development of the land parcel, in which the shareholdings of each JV partner is 20%, 60% and 20% respectively.
Intrepid is a wholly-owned subsidiary of Hong Leong Holdings.
The announcement of a joint venture with an interested person in relation to the land parcel at Tengah Garden Avenue was first announced on Jan 21, 2025.
The current total for all transactions with entities under Singapore Hong Leong Group, which is the entity Intrepid is under for FY2025 is $266.0 million which includes a sum of $255.5 million being the aggregate value of joint ventures with entities under Singapore HL that were previously announced and which fall within the exemption stipulated under Rule 916 of the SGX-ST Listing Manual.
The current total of all interested person transactions for FY2025 is $350.0 million. The entry into the JVA is not expected to have any material effect on the net tangible assets per share and earnings per share of GuocoLand for FY2025, the group notes.
See also: Frasers Property in real estate JV with Morgan Stanley
Shares in GuocoLand closed 2 cents higher or 1.429% up at $1.42 on Apr 22.
