Under the agreement, Intrepid holds 35% of the JV while GuocoLand (Singapore) holds 30%. Hong Realty holds the remaining 35%.
GuocoLand’s wholly owned subsidiary, GuocoLand (SGX:F17
) (Singapore), has entered into a joint venture (JV) agreement with Intrepid Investments, Hong Realty and Margaret Rise Development, for the acquisition, development and dealing of the land parcel at Margaret Drive. Margaret Rise Development is a company that was established for the development of the land parcel.
On Aug 7, the group announced that it had submitted a tender with Intrepid and Hong Realty for a land parcel at Margaret Drive, which was accepted at a bid price of $497 million.
