Sunway to jointly develop Singapore land for mixed-use development worth S$668.28 mil

• The leasehold land, measuring 23,512 square metres at Tampines, will be used for a mixed commercial and residential development.

KUALA LUMPUR (Oct 10): Sunway Bhd’s (KL:SUNWAY) unit Sunway Developments Pte Ltd (SDPL), together with Hoi Hup Realty Pte Ltd, have been awarded a parcel of land by the Housing and Development Board of Singapore.

This was after the duo’s successful joint tender for the land.

The leasehold land, measuring 23,512 square metres at Tampines, will be used for a mixed commercial and residential development at S$668.28 million (RM2.19 billion).

Hoi Hup and SDPL will incorporate a joint venture company, in which Hoi Hup or its nominee companies, and SDPL, shall have equity interest in the proportion of 65:35 at a later date, to undertake the development of the land.

Hoi Hup is a company incorporated in Singapore, with its principal activity being real estate development.

The completion period of the proposed project shall be in 84 months, commencing from Oct 10, 2024.

It is expected to contribute positively to the group’s earnings from the financial year ending Dec 31, 2026 (FY2026) onwards.

Sunway’s share price closed unchanged at RM4.27 on Thursday, bringing the group a market capitalisation of RM24.47 billion.

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