Sunway to develop land in Singapore

KUALA LUMPUR: Sunway Holdings Bhd has entered into partnership with Hoi Hup Realty Pte Ltd to develop a 19,264.70-sq m parcel of land in Jalan Senang, Singapore.

In a statement on Dec 8, Sunway said its sub-subsidiary Sunway Developments Pte Ltd had subscribed for a 30% stake comprising 300,000 shares in Hoi Hup Sunway Property Pte Ltd (HHSP) for S$300,000 (RM730,778). The remaining 70% stake in HHSP is held by Hoi Hup Realty.

Sunway said HHSP had on Sept 25, 2008 inked a sale and purchase agreement with Lee Tat Development Pte Ltd to acquire the freehold land in Jalan Senang for S$158 million.

It said the parties would enter into a JV agreement towards jointly undertaking a property development project on the land.

This article appeared in
The Edge Financial Daily, Dec 9, 2009.
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