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Sunway in JV to develop property in S'pore

KUALA LUMPUR: Sunway Developments Pte Ltd, a unit of Sunway Holdings Bhd, has entered into a joint-venture agreement with Hoi Hup Realty Pte Ltd to set up Hoi Hup Sunway Property Pte Ltd.

The proposed joint venture would undertake a residential property development project on a parcel of freehold land in Singapore.

In a note to Bursa Malaysia Dec 23, the group said the proprosed project was projected to generate an estimated gross development value of RM1.03 billion.

Sunway would fund its investment in the joint venture via bank borrowings and internally generated funds.

Citing Credit Suisse's latest estimation, the group said the property segment outlook should continue to recover substantially. - Bernama

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