GuocoLand, on Jan 26, announced that its tender for a land parcel at Lentor Hills Road (Parcel A) has been accepted by the Urban Redevelopment Authority (URA) at a bid price of $586.6 million.
The bid price translates to $1,060 psf per plot ratio.
The tender was previously submitted by a consortium made up of GuocoLand’s wholly-owned subsidiary, GuocoLand (Singapore), together with Hong Leong Holdings’ subsidiary Intrepid Investments and TID Residential. TID is a joint venture between Hong Leong and Mitsui Fudosan.
Within the consortium, GuocoLand holds a 30% stake in the land parcel, while Intrepid and TID hold 50% and 20% respectively.
All three parties have entered into a memorandum of general agreement, where each party’s rights and obligations will be borne in their respective agreed proportion.
On Jan 18, it was revealed that the consortium’s bid for the land parcel was the highest among three other bidders.
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The land parcel has a leasehold tenure of 99 years and sits on a site area of 17,136.9 sqm (184,460.06 sq ft). It is located within the Lentor Hills estate and is zoned for residential use.
The land parcel is located next to Lentor MRT on the Thomson-East Coast Line and near schools such as Anderson Primary School, Ai Tong School, CHIJ St Nicholas Girls’ School, Presbyterian High School, Eunoia Junior College and Nanyang Polytechnic.
The transaction is considered to be an interested person transaction (IPT) as Hong Leong Investment Holdings is a deemed substantial shareholder of GuocoLand, Intrepid and TID are considered as interested persons of GuocoLand.
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In addition, Quek Leng Chan is a director, shareholder and deemed substantial shareholder of GuocoLand. He is also a director and shareholder of Hong Leong Investment Holdings as well as a director of Hong Leong Holdings.
Kwek Leng Hai is a director and shareholder of GuocoLand as well as a shareholder of Hong Leong Holdings.
Shares in GuocoLand closed 2 cents higher or 1.35% up at $1.50 on Jan 26.
Photo: URA
