So anyway, I ditched the idea of using this voltage regulator as the output voltage wasn't very stable. As I was running the circuit without any current limiting resistor, it led to unstable current load as well. The regulator died out after a while. I went back to the drawing table and opted for a dual AC/DC switching supply instead where I hooked up 5 LEDs + a resistor to a single regulator at 24v, 700mA.
Some of my calculations:
Voltage drop across 1 LED at 700mA = 3.5v
Voltage drop across 5 LEDs at 700mA = 5 x 3.5 = 17.5v
Voltage across resistor required = 24v - 17.5v = 6.5v
Resistance of resistor required = 6.5v/700mA = 9.285ohms
Wattage of resistor required = 6.5v x 700mA = 4.55w
Resistor eventually used : 10 ohms, 10 watts as I wanted to be on the safe side for heat dissipation
I also bought 2 new Mean Well switching regulators at SLT again.
Wired up everything according to this circuit diagram:

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