GuocoLand JV awarded Tan Quee Lan Street land tender for S$800 million

GuocoLand, HSBC and Bank of China buildings at dusk in Singapore; taken August 2018.GuocoLand, HSBC and Bank of China buildings at dusk in Singapore; taken August 2018.

GuocoLand’s joint venture was awarded the tender for a land parcel at Tan Quee Lan Street by Singapore’s Urban Redevelopment Authority for the bid price of S$800.19 million, the property developer said in a filing to SGX Thursday.

The property is located in district seven and can be developed into a luxury condominium with first-storey commercial space, GuocoLand said.

It is situated next to the Bugis MRT interchange station, and will have underground pedestrian links connecting to a nearby shopping mall and to GuocoLand’s new project, Guoco Midtown on Beach Road, the developer said.

The site area is 11,530.8 square meters and has a 99 year land tenure, the filing said.

The joint venture is between GuocoLand’s indirect wholly owned subsidiary, GLL D, Intrepid Investments and Hong Realty, the filing said. Intrepid is a wholly owned subsidiary of Hong Leong Investment Holdings (HLIH) and Hong Realty is also a subsidiary of HLIH, the statement said.

HLIH is a deemed substantial shareholder of GuocoLand, making Intrepid and Hong Realty “interested persons” of the developer, the filing said.

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