Verwood Holdings, a wholly-owned subsidiary of City Developments Limited (CDL), has signed a memorandum of general agreement (MOGA) with Intrepid Investments for a new joint venture (JV) in Tai Thong Crescent (pictured).
Prior to the deal, both companies jointly won the tender for the residential with 1st storey commercial site from the Urban Redevelopment Authority (URA).
Verwood Holdings will hold a 60 percent stake in the JV while Intrepid will take a 40 percent share.
Intrepid Investments is a wholly-owned subsidiary of Hong Leong Holdings (HLH) while Hong Leong Investments Holdings (HLIH) is the ultimate holding company of HLH. Both HLH and HLIH are controlling shareholders of CDL.
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