Guoco Group (HK:0053) has released an update.
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GuocoLand, through its subsidiary GLS, has entered into a 60/40 joint venture with Intrepid for a significant real estate development project in Singapore, near Springleaf MRT Station, which could generate around 940 residential units. The venture, involving a land parcel at Upper Thomson Road acquired for S$779.6 million, will see GLS contribute approximately S$178.9 million. The agreement, which is a connected transaction due to Intrepid’s association with GuocoLand’s substantial shareholder, is subject to reporting and announcement requirements but not independent shareholder approval.
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