KUALA LUMPUR: Sunway Developments Pte Ltd in partnership with Sing Holdings Residential Pte Ltd have been officially named the winning bidders for a 14,513 sqm parcel of land in Chuan Grove, Singapore.
According to Sunway Bhd
's filing with the stock exchange, the S$623.91mil (RM2.05bil) bid secures a 99-year lease term for a residential development.
Sunway Developments is a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, which in turn is a wholly-owned subsidiary of Sunway.
Sing Holdings Residential, meanwhile, is a wholly-owned subsidiary of Singapore Exchange-listed Sing Holdings Ltd.
The parties' joint venture company, Chuan Grove Pte Ltd - which is 65% owned by Sing Holdings Residential and 35% by Sunway Developments - has been appointed the developer to undertake the development of the land.
The proposed project is expected to contribute positively to the earnings of Sunway Group from the financial year ending Dec 31, 2027 onwards.
