Sunway Resort City-edited
The property and construction group told Bursa Malaysia on Tuesday that its indirect unit Sunway Developments Pte Ltd (SDPL) and Hoi Hup were acquiring the 99-year leasehold land at Anchorvale Lane, Sengkang, from the Housing and Development Board (HDB) of Singapore.
The land will be acquired by a proposed new joint-venture (JV) company at the tender price, in which Hoi Hup, SDPL, Oriental Worldwide Investments Inc and Azuki Investments Pte Ltd will have equity interest in the proportion of 62:30:5:3.
The JV company to build and sell the executive condominiums will be known as Hoi Hup Sunway Sengkang Pte Ltd.
SDPL’s cost of investment in the JV is S$72.28mil (RM217.6mil).
The proposed project, to begin on Sept 5, is targeted to be completed within 48 months. It is expected to contribute positively to the Sunway Group’s earnings from the financial year ending Dec 31, 2018, onwards.
Sunway did not give an estimated gross development value for the project or how many units will be built.
According to HDB’s conditions of tender, the permissible total gross floor area must not exceed 63,043.8 sq m but is not less than 56,739.42 sq m.
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