Sunway and partner win condo site tender in Singapore

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KUALA LUMPUR (Sept 12): Sunway Bhd and a Singapore company have won the tender to develop a 4.46-acre executive condominium site in the island republic via their S$271 million (RM817.17 million) bid.

Sunway said the Housing and Development Board of Singapore awarded the land, located in Sembawang, for a 99-year lease term to Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd.

Sunway Developments is a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, which in turn is wholly-owned by Sunway.

The joint-venture company will be owned 65% by Hoi Hup and 35% by Sunway Developments, Sunway said in a filing with Bursa Malaysia.

The group said its cost of investment in the joint venture is S$50 million (RM150.78 million).

It did not mention the project’s gross development value.

Sunway said the project requires not more than 60 months from now to complete.

It added that the project is expected to contribute positively to its earnings from the financial year ending Dec 31, 2022 onwards.

Sunway’s share price fell six sen or 3.85% to RM1.50 today, giving the group a market capitalisation of RM7.3 billion.