Sunway unit clinches Tampines land for condo development

KUALA LUMPUR: Sunway Holdings Bhd's unit has been awarded a tender of land parcel in Singapore for a 99-year lease term at S$187.59 million (RM450.19 million) from Singapore's Housing and Development Board, it announced to Bursa Malaysia on Friday, Nov 26.

The group's unit Sunway Development Pte Ltd (SDPL) had submitted a bid for the land parcel at Tampines Avenue 8 jointly with Hoi Hup Realty Pte Ltd and SC Wong Holdings.

Hoi Hup, SDPL and and SC Wong Holdings aim to incorporate a joint venture on a 60:30:10 basis to undertake the development, an executive condominium housing development.

The project was scheduled to have started on Thursday, and is slated for completion in 48 months or earlier, it said.