KUALA LUMPUR: Sunway Bhd’s unit Sunway Developments Pte Ltd (SDPL) has secured a 4.46-acre land to undertake a S$271 million (RM817.17 million) executive condominium project from the Housing and Development Board of Singapore.
In an exchange filing today, Sunway said it and Hoi Hup Realty Pte Ltd would jointly undertake the development of the 99-year lease land, located at Canberra Link, Sembawang in Singapore, following a successful tender for the land by the parties.
“The land will be acquired by a proposed new joint venture company to be incorporated, in which Hoi Hup or its nominee company (ies) and SDPL will own 65 per cent of the joint venture.
Sunway added that SDPL’s cost of investment in the joint venture was S$50 million (RM150.78 million).
“The completion period of the project shall be 60 months or earlier, commencing from September 10, 2018. It is expected to contribute positively to the earnings of Sunway Group from the financial year 2022 onwards.”