Goh Kian Hwee, Lawrence Tan and Soh Chai Lih from the Mergers and Acquisitions & Capital Markets Practice acted for GuocoLand group, a property developer listed on the Main Board of the SGX-ST, in the participation by the Employees Provident Fund of Malaysia (“EPF”), a Malaysian pension fund, for a 20% stake in a Singapore downtown project, particularly a mixed-use development project above Tanjong Pagar MRT station at Peck Seah Street / Choon Guan Street in Singapore.
Guocoland group previously acquired the site for a purchase consideration of approximately S$1.7 billion pursuant to a tender awarded by the Urban Redevelopment Authority of Singapore. The development cost of the project is reported to be approximately S$3.2 billion.
The value of the deal is approximately S$113 million.
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