GuocoLand F17 has announced that its joint venture (JV) tender with Intrepid Investments for a land parcel at Upper Thomson Road has been accepted by the Urban Redevelopment Authority (URA) at the bid price of $779.5 million.
The piece of land is located close to Springleaf MRT Station on the Thomson-East Coast Line, and is well-connected to major expressways and roads such as the Seletar Expressway, Sembawang Road and Upper Thomson Road.
GuocoLand (Singapore), a wholly-owned subsidiary of GuocoLand, holds a 60% stake in the land parcel, while Intrepid’s stake is the remaining 40%. Intrepid is a wholly-owned subsidiary of Hong Leong Holdings.
Shares in GuocoLand closed unchanged at $1.48 on April 16.
