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. 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. 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.