Guoco Group's (HKG:0053) subsidiary GuocoLand (Singapore) signed an agreement with Intrepid Investments and Hong Realty to establish a joint venture company, Margaret Rise Development.

The joint venture company will undertake the acquisition, development, and dealing of a parcel of land known as Lot 5803T of Mukim 3 and situated at Margaret Drive, Singapore, a Tuesday Hong Kong bourse filing said.

The agreed proportions of the parties under the joint venture are set as, 30% for GSL, 35% for Intrepid, and 35% for Hong Realty.

GuocoLand (Singapore) will be contributing a total of SG$54.3 million to the JV, comprising SG$1.2 million for the share capital and a shareholder's loan of SG$53.1 million while the total funding contributed to the JV amounts to SG$180.9 million.

The property to be developed has already been acquired through a tender at SG$497 million.

The investment and property company's shares were down nearly 2% on Tuesday's close.