Sunway-Hoi Hup JV wins bid for Singapore condo

In a statement, the conglomerate said Sunway Property and Hoi Hup plans to redevelop the site into modern private residential condominiums, leveraging on the multiple strengths of its location.(File pic shows the iconic lion.in front of the Sunway Pyramid.)

PETALING JAYA: Sunway Bhd, through its joint-venture vehicle with Singapore developer Hoi Hup Realty, has won a competitive bid for the en-bloc acquisition of Flynn Park, a condominium development in Singapore, with a bid of S$371mil (RM1.15bil).

In a statement, the conglomerate said Sunway Property and Hoi Hup plans to redevelop the site into modern private residential condominiums, leveraging on the multiple strengths of its location.

It noted the site is on a hillside, at the fringe of the city centre, next to public transportation and yet next to the lush and mature Kent Ridge nature park.

Flynn Park, a 72-unit condominium block built in 1986, was open for tender at the end of July.

It is sited on an elevated 4.79-acre freehold plot of land and is located 350 metres from the Pasir Panjang MRT station on the Circle Line.

In addition, the development is near landmarks such as the Pasir Panjang Food Centre, Mapletree Business City, VivoCity and Sentosa Island.

With the latest acquisition of Flynn Park, Sunway Property’s landbank to date stands at 3,339 acres, with a potential gross development value of RM54.4bil.

Current developments by Sunway Property in Singapore includes a private condominium in Clementi - Ki Residences and an executive condominium in Tampines - Parc Central.

The projects have achieved robust take-ups of 60% and 85%, respectively, Sunway said.