GuocoLand Assets and GuocoLand form JV to participate in land tender

angela.teo@bizedge.com

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.

 

Aerial view of the Jiak Kim Street site

(Credit: JLL)

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