GUOCO GROUP (00053) signs joint venture agreement for the Faber Walk project in Singapore.

GUOCO GROUP (00053) announced that on February 24, 2025, its subsidiary GuocoLand (Singapore) Pte Ltd's wholly-owned subsidiary GLS entered into a joint venture agreement with TIDR, Intrepid and FWR (a joint venture company established for the project) to develop a property located at Lot 9584L, Mukim 5, Faber Walk, Singapore. Under the joint venture agreement, FWR has been established as the approved developer to undertake the project, which includes the acquisition and development of the property, as well as managing the residential units to be developed on the property. The property was acquired through a tender with a bid price of approximately SGD 350 million (approximately HKD 2.037 billion) from the Urban Redevelopment Authority of Singapore. As per the joint venture agreement, GLS's total contribution is SGD 62.9588 million (approximately HKD 36.65 million), including SGD 17 million (approximately HKD 9.8974 million) in equity and SGD 45.9588 million (approximately HKD 26.8 million) in shareholder loans. GuocoLand is engaged in property development and investment business in Singapore, Mainland China, and Malaysia. This transaction is part of GuocoLand's general and day-to-day operations. TIDR and Intrepid are well-known property developers in Singapore. The establishment of the joint venture company allows GLS to participate in the project with lower capital investment and enables GuocoLand to retain funds for other investment opportunities.