26/12/2022
Developer
GuocoLand Limited (“GuocoLand”) wishes to announce that the tender submitted by its wholly-owned subsidiary, GuocoLand (Singapore) Pte. Ltd. (“GLS”), together with Intrepid Investments Pte. Ltd. (“Intrepid”) and TID Residential Pte. Ltd. (“TIDR”) (collectively, the “Parties”), for a land parcel at Lentor Hills Road (Parcel A) (“Land Parcel”), has been accepted by the Urban Redevelopment Authority of Singapore at a bid price of S$586,591,288.
The interest holdings of GLS, Intrepid and TIDR in the Land Parcel are 30%, 50% and 20% respectively (“Agreed Proportion”).
For the purpose of the aforesaid tender, Parties had entered into a memorandum of general agreement (“MOGA”). Pursuant to the terms of the MOGA, the rights and obligations of the Parties in the joint venture for the acquisition, development and dealing of the Property will be borne by the Parties in their respective Agreed Proportion. Intrepid is a wholly-owned subsidiary of Hong Leong Holdings Limited (“HLHL”) which is in turn a subsidiary of Hong Leong Investment Holdings Pte. Ltd. (“HLIH”). TIDR is a wholly-owned subsidiary of TID Pte. Ltd. which is in turn a subsidiary of HLHL. As HLIH is a deemed substantial shareholder of GuocoLand, Intrepid and TIDR would be regarded as interested persons of GuocoLand within the meaning of Rule 904(4) of the Listing Manual of the Singapore Exchange Securities Trading Limited.