SINGAPORE: GuocoLand’s unit enters a joint venture for Lentor Central property development.
The parent company, Guoco Group, announced the collaboration on Monday, Dec 18, involving partners Intrepid Investments and CSC Land Group (Singapore), as reported by Yahoo Finance.
The agreement designates GSL to handle the acquisition, development, and management of the Lentor Central property in Singapore.
According to Hong Kong’s Guoco Group, GSL will also oversee the marketing of residential units and leasing a childhood development centre within the property.
The Lentor Central property, secured through a tender, cost S$435.2 million (US$326.90 million). GSL’s contribution to the joint venture is approximately S$47.3 million, comprising a shareholder’s loan of S$46.1 million and S$1.2 million in share capital.
As per the company, the ownership structure of the joint venture is set at 30% for GuocoLand’s unit, 50% for Intrepid, and 20% for CSC Land. /TISG