On Dec 5, GuocoLand announced that it entered into a joint venture and shareholder’s agreement with GuocoLand Assets, its immediate holding company and a wholly-owned subsidiary of Guoco Group Limited.
The agreement means that GuocoLand Assets now holds a 70% interest in GLL A – the entity that bid for the tender of the Jiak Kim Street GLS site – while GuocoLand holds the remaining 30% stake. GLL A was formerly a wholly-owned unit of GuocoLand.
GLL A submitted an $835 million ($1,515 psf ppr) bid for the 13,482 sq m Jiak Kim Street GLS site and came in ninth among 10 bidders.
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