GuocoLand's (SGX:F17) wholly owned subsidiary, GLS, has entered into a joint venture agreement on April 22 with Intrepid and CSC Land to develop a property at Tengah Garden Avenue, Singapore.
The joint venture will operate through TG Residential and TG Commercial, with GLS holding a 20% stake, Intrepid 60%, and CSC Land 20%, according to its bourse filing on the same day.
The property was acquired for SG$675 million, and GLS's total funding contribution amounts to SG$51.4 million, including share capital and shareholder loans.
GuocoLand is a unit of Guoco Group (HKG:0053).
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