The joint venture (JV) between GuocoLand’s F17 wholly-owned subsidiary, GuocoLand (Singapore), Intrepid Investments and CSC Land Group has won the bid for the Lentor Central land parcel. Intrepid Investments is a wholly-owned subsidiary of Hong Leong Holdings. Intrepid holds 50% of the JV while GuocoLand (Singapore) holds 30%. CSC Land holds the remaining 20%.
The JV’s bid price of $435.17 million beat Frasers Property’s TQ5 bid price of $410.8 million and was accepted by the Urban Redevelopment Authority (URA) on Sept 18. It translates to a price of $2,749.62 psf over the site area of 14,703.2 sqm (158,263.93 sq ft). It also translates to a bid price of $982 psf per plot ratio.
The Lentor Central land parcel has a 99-year tenure and is zoned for residential use. A residential development of about 475 units was planned for the site. The site is located within the Lentor Hills estate and will be connected to Lentor MRT station on the Thomson-East Coast line via a sheltered walkway. The site is also within close proximity to schools such as Presbyterian High School, Anderson Primary School, CHIJ St Nicholas Girls’ School, Eunoia Junior College and Nanyang Polytechnic.
For the purpose of the tender, GuocoLand (Singapore) had entered into a memorandum of general agreement (MOGA) with Intrepid and CSC Land where each party will take part in the JV based on their agreed proportion.
As Hong Leong Holdings is a substantial shareholder of GuocoLand, Intrepid is regarded as an interested person under the Singapore Exchange’s listing rules.
Other interested persons are Quek Leng Chan, a director and deemed a substantial shareholder of GuocoLand and a director and shareholder of Hong Leong Holdings. Similarly, Kwek Leng Hai is also a director and shareholder of GuocoLand and a shareholder of Hong Leong Holdings.
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Shares in GuocoLand closed 1 cent lower or 0.64% down at $1.56 on Sept 18.
