Guoco Group (HKG:0053) unit GuocoLand (Singapore) formed a JV company with TID Residential and Intrepid Investments for the acquisition and development of a parcel of land in Singapore, a Monday filing with the Hong Kong bourse said.
Joint venture firm Faber Walk Residence will be 50% held by GuocoLand (Singapore), 40% by TID Residential, and 10% by Intrepid Investments.
The JV company will also deal with residential units to be developed on the property, which was acquired through a tender for SG$349.9 million.
GuocoLand (Singapore)'s total funding contribution to the JV company is nearly SG$63 million, comprising share capital of SG$17 million and a shareholder's loan of SG$46 million.
An external banking facility worth up to SG$367.1 million has also been arranged to finance part of the acquisition cost of the property and future construction costs and working capital of the project.
TID Residential and Intrepid Investments are both units of Hong Leong, which is a subsidiary of Hong Leong Investment, a substantial shareholder of Guoco Group.
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