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Sunway JV secures land in Singapore for RM345m

KUALA LUMPUR: Sunway Bhd and its joint venture partners have secured a parcel of leasehold land in Singapore for S$140.96 million (RM345 million) for a proposed project.

It said on Tuesday, Oct 11 the Urban Redevelopment Authority of Singapore had awarded the tender of the piece of land at Jalan Loyang Besar/Pasir Ris Rise.

The tender was jointly submitted by its unit Sunway Developments Pte Ltd, Hoi Hup Realty Pte Ltd and Oriental Worldwide Investments Inc.

"Hoi Hup, Sunway Developments and Oriental Worldwide intend to incorporate a joint venture company based on a 60:30:10 equity ratio to undertake the development of the land," it said.

Sunway said the project would be completed in 60 months, starting Oct 10, 2011 and would contribute positively to Sunway Group's earnings for FY ending Dec 31, 2013 onwards.

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