GuocoLand chairman Quek Leng Chan buys own shares from market at S$1.43 each

• He now holds a deemed stake of 850.36 million shares, equivalent to 71.86% of the company. 

SINGAPORE (March 18): Guocoland chairman Quek Leng Chan (pictured) has been buying shares of the Singapore-listed developer, via an entity he controls, HL Management Co.

The Malaysian tycoon first bought 98,700 shares on March 4, and on March 14, he bought another 2,100 shares.

The most recent transaction, as disclosed by the company via SGX, was for 27,900 shares on March 15.

On all days, Quek paid $1.43 each for these shares.

He now holds a deemed stake of 850.36 million shares, equivalent to 71.86% of the company. 

On March 17, GuocoLand announced that 400 units or 75% of the 533 units at Lentor Mansion, were sold over the two days from March 15-16, including nearly 100 units taken up at the VIP launch on Friday, March 15.

Jointly developed by GuocoLand and Hong Leong Holdings, Lentor Mansion has a mix of two- to five-bedroom units across three 16-storey towers and three eight-storey towers.

Prices of units sold ranged from $1.149 million for a 527 sq ft two-bedder to $3.512 million for a 1,507 sq ft five-bedder.

Besides property development, GuocoLand in recent years has built up a sizeable portfolio of investment properties, boosting its recurring income stream.

As at Dec 31, Guocoland's net asset value was $3.83.

In contrast, Guocoland shares closed at $1.44 on March 18, up 0.7% for the day but down 2.04% year to date.

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