PETALING JAYA: Sunway Bhd
, via its indirect wholly owned subsidiary Sunway Developments Pte Ltd and Hoi Hup Realty Pte Ltd, has been awarded 2.35ha at Tampines Street 94, from the Housing and Development Board of Singapore for a 99-year lease-term mixed commercial and residential development at S$668.28mil.
In a filing with Bursa Malaysia, Sunway stated that a joint-venture company will be incorporated between Hoi Hup and SDPL to undertake the development, with each holding a stake of 65% and 35% respectively.
Hoi Hup is a Singapore-incorporated firm involved in real estate development with a paid-capital of S$3mil.
The project will commence from Oct 10, 2024 and is expected to be completed by 84 months. It is expected to contribute positively to Sunway from the financial year ending Dec 31, 2026 onwards.
