GUOCO GROUP (00053): GuocoLand and Intrepid Form Joint Venture to Develop Singapore Property

GUOCO GROUP (00053) announced that on November 4, 2026, GLS, a wholly-owned subsidiary of GuocoLand, entered into a joint venture agreement with Intrepid and BDPL (the joint venture company established to undertake the project) to develop the property in accordance with the agreed joint venture proportions of GLS (40%) and Intrepid (60%). Pursuant to the joint venture agreement, BDPL was established as the approved developer to undertake the project, which includes the acquisition and development of the property, as well as the handling of residential units to be developed on the property. The property was acquired through tender from the Urban Redevelopment Authority of Singapore for approximately S$577 million (approximately HK$3.537 billion). Pursuant to the joint venture agreement, GLS's total capital contribution is approximately S$83.0381 million (approximately HK$509 million), comprising S$1.6 million (approximately HK$9.8112 million) in share capital and approximately S$81.4381 million (approximately HK$499 million) in shareholder loans. The property refers to all that parcel of land known as Lot 04427W in Mukim 01, located at Berlayar Drive, Singapore. The GuocoLand group is engaged in property development and investment businesses and operates in Singapore, mainland China and Malaysia. The transaction is in the ordinary and usual course of business of the GuocoLand group. Intrepid is a well-known property developer in Singapore. The establishment of the joint venture company enables GLS to participate in the project with a lower capital commitment and allows the GuocoLand group to retain funds for other investment opportunities.