The proposed acquisition and development of the land parcel will be financed by internal resources and bank borrowings.

GuocoLand has been awarded the land parcel at River Valley Green (Parcel B) by the Urban Redevelopment Authority of Singapore (URA) at the bid price of $627.84 million, the highest among a total of five bidders when the tender closed on Feb 7.

The 99-year leasehold land parcel is located in Robertson Quay in District 9, next to Great World MRT station on the Thomson-East Coast Line (TEL) and has a gross plot ratio of 3.5. The plot’s land area of 11,736 square metres (126,325.25 sq ft) and maximum gross floor area of 442,142 sq ft, translates to a land rate of $1,420 psf per plot ratio (ppr).

GuocoLand previously indicated that it planned to develop the land parcel as a high-end waterfront development. It will comprise two towers comprising 475 residential units with some commercial shops on the first floor.

The proposed acquisition and development of the land parcel will be financed by internal resources and bank borrowings. It is not expected to have a material impact on GuocoLand F17’s net tangible assets (NTA) per share and earnings per share (EPS) for the FY2025 ending June 30.

Shares in GuocoLand closed flat at $1.44 on Feb 13.