Guohao Group (00053) announced that on November 5, 2024, GLS, a wholly-owned subsidiary of Guohao Real Estate, signed a joint venture agreement with Intrepid, Hong Realty, and MRD (a joint venture established to carry out the project) to develop the property according to the GLS (30%), Intrepid (35%), and Hong Realty (35%) agreements.
Under the joint venture agreement, MRD was established as an accredited developer to undertake the project, which included the acquisition, development and disposal of the property. The property was acquired from the Urban Renewal Authority of Singapore at a winning bid price of SGD 0.497 billion through a tender. According to the joint venture agreement, GLS's total investment amount is SGD 54.25788 million, including SGD 1.2 million share capital and SGD 53.05788 million shareholder loans.
According to reports, the property is located on Margaret Drive in Singapore, close to the Queenstown Railway Station on the East-West Line, and enjoys bus service along Magaret Drive. The property covers an area of 9,522.3 square meters and is intended to provide approximately 460 residential units.
