Sunway mulls bigger stake in Singapore JV projects

PETALING JAYA (July 16): Sunway Bhd is mulling a bigger stake in its joint venture (JV) projects with Singaporean developer Hoi Hup Realty Pte Ltd on the island republic, said Sunway’s deputy managing director of the property development division for Malaysia and Singapore Tan Wee Bee.

The group, via its unit Sunway Developments Pte Ltd, may enlarge its stake from its typical 30% in its projects with Hoi Hup.

The group currently has two ongoing developments with the Singaporean developer, namely Sophia Hills on Mount Sophia, District 9, and Royal Square at Novena.

Sophia Hills is a low-rise condominium on 2ha or 255,866 sq ft of elevated ground that will comprise 493 residential units with built-ups of 463 to 1,539 sq ft, offering 1-to-4 bedroom type layouts.

The homes have an average selling price of about S$2,000 (RM5,873) psf, and facilities include a 50m lap pool, sunning deck, playground and jogging path.

Meanwhile, the 23-storey Royal Square is an integrated development that offers 171 medical suites, a 250-room hotel, 25 shoplots and 26 units for restaurants.

The suites are aimed at medical professionals who want to have their own practice.

Built-ups range from 39 to 73 sq m, and are priced at about S$4,000 psf.

Located in Singapore’s medical hub, its neighbours include the Tan Tock Seng Hospital, Novena Medical Centre, National Skin Centre, National Neuroscience Institute, Mount Elizabeth Novena Hospital and Health City Novena.

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This is an excerpt of the report in the July 18, 2016 issue of City & Country, the property pullout of The Edge Malaysia. Subscribe here for your personal copy.