Lentor Mansion Developer
GuocoLand Limited (“GuocoLand”) wishes to announce that the tender submitted by its wholly-owned subsidiary, GuocoLand (Singapore) Pte. Ltd. (“GLS”), together with Intrepid Investments Pte. Ltd. (“Intrepid”) and TID Residential Pte. Ltd. (“TIDR”) (collectively, the “Parties”), for a land parcel at Lentor Hills Road (Parcel A) (“Land Parcel”), has been accepted by the Urban Redevelopment Authority of Singapore at a bid price of S$586,591,288.
For the purpose of the aforesaid tender, Parties had entered into a memorandum of general agreement (“MOGA”). Pursuant to the terms of the MOGA, the rights and obligations of the Parties in the joint venture for the acquisition, development and dealing of the Property will be borne by the Parties in their respective Agreed Proportion. Intrepid is a wholly-owned subsidiary of Hong Leong Holdings Limited (“HLHL”) which is in turn a subsidiary of Hong Leong Investment Holdings Pte. Ltd. (“HLIH”). TIDR is a wholly-owned subsidiary of TID Pte. Ltd. which is in turn a subsidiary of HLHL. As HLIH is a deemed substantial shareholder of GuocoLand, Intrepid and TIDR would be regarded as interested persons of GuocoLand within the meaning of Rule 904(4) of the Listing Manual of the Singapore Exchange Securities Trading Limited.
The Hong Leong Group's major push into the property business began in the late 1960s when it consolidated most of its property interests and investments in Hong Leong Holdings Limited. The Group bought a majority stake in City Developments Limited, and transformed it from a loss-making company into a profitable property giant and bellwether stock on the Singapore Stock Exchange.
As a major commercial landlord and landowner in Singapore's competitive real estate market, the Group collectively owns over 8 million square feet of lettable office, industrial, retail and residential space. It is also the largest residential developer in Singapore with nearly one in every five private homes sold in 2013 built by the Hong Leong Group.
Over the past five decades, the Group has developed many iconic properties along the Singapore skyline and positioned itself as a market leader with more than 130 quality residential properties and over 100 premium commercial and mixed-use developments, including projects like One Shenton, The Tate residences, Sage, The St. Regis Hotel and Residences, Singapore, W Singapore- Sentosa Cove, The Residences at W Singapore- Sentosa Cove and Quayside Isle.