KUALA LUMPUR: Sunway Bhd said a joint venture firm in China has won a tender to acquire land in Tianjin for development of seven blocks of condominiums.
The group said Tianjin Eco-City Sunway Property Development Co Ltd will acquire the 27,712.5 square meters of land from Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd for 438mil yuan (RM257.78mil).
"Tianjin Eco-City Sunway will undertake a residential development known as Sunway Garden Phase 3 which consists of seven blocks of condominiums on the land," it said in a filing with Bursa Malaysia today.
Tianjin Eco-City Sunway is 60% owned joint venture of Sunway City (Singapore) Pte Ltd, a subsidiary of Sunway Bhd.
Sino-Singapore Tianjin Eco-City Investment and Development is the joint venture partner holding the balance 40% equity interest in Tianjin Eco-City Sunway.
"The proposed development is expected to commerce in May 2020 and targeted to be completed by May 2023," Sunway Bhd said.
The project, the company said, is expected to contribute positively to the earnings of Sunway Group from the financial year 2023 onwards.