Hong Leong-GuocoLand JV secures Berlayar site for $576.8m

It could yield up to 416 private homes near Telok Blangah MRT station.

The Urban Redevelopment Authority (URA) has awarded the Berlayar Drive residential site to Hong Leong Holdings unit Intrepid Investments and GuocoLand (Singapore) for $576.78m.

The tendered price translates to $16,307.46 per square metre of gross floor area, or approximately $1,515 per square foot per plot ratio.

Intrepid will hold a 60% interest in the joint venture, whilst GuocoLand’s wholly owned subsidiary will take the remaining 40%.

The partners will participate in the acquisition, development and disposal of the site according to their agreed ownership proportions. Any loans provided by the parties will also be extended in the same 60:40 ratio and on identical terms.

Now known as Land Parcel 1011, the site spans 25,263.2 sq. m. and has a maximum permissible gross floor area of 35,369 sq. m.

The 99-year leasehold plot is zoned for residential development and has the potential to yield up to 416 private homes.

Located in District 4 within the Bukit Merah Planning Area, the site is near Telok Blangah MRT station, one stop from the HarbourFront interchange connecting the Circle and North-East lines.

URA launched the site for tender on 15 May 2026. The tender closed on 4 August before the award was announced on 7 August.

GuocoLand classified the joint venture as an interested-person transaction under the Singapore Exchange’s listing rules.

Intrepid is wholly owned by Hong Leong Holdings, which is controlled by Hong Leong Investment Holdings. The latter is also a controlling shareholder of GuocoLand.

GuocoLand’s Audit and Risk Committee said the joint venture’s risks and rewards were proportionate to the parties’ respective stakes and that its terms were not prejudicial to the company or its minority shareholders.

The transaction is not expected to materially affect GuocoLand’s net tangible assets per share or earnings per share for the financial year ending 30 June 2027.

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