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UPDATE 1-GuocoLand wins joint bid worth $571.5 million for land in Singapore

Reuters SG
·1-min read

(Adds details from paragraph 2 onwards)

April 16 (Reuters) - Singapore's GuocoLand said on Tuesday a tender submitted by its unit with Intrepid Investments for a piece of land has been accepted by the Urban Redevelopment Authority of Singapore at a bid price of S$779.6 million ($571.51 million).

The unit GuocoLand (Singapore) would hold a 60% stake in the land, while Intrepid, a unit of Hong Leong Group's investment arm, would have a 40% interest.

The piece of land located at Upper Thomson Road could potentially yield about 940 residential units, GuocoLand said. ($1 = 1.3641 Singapore dollars). (Reporting by Echha Jain in Bengaluru; Editing by Vijay Kishore)