PETALING JAYA: Sunway Bhd
, through its wholly-owned unit Sunway Developments Pte Ltd (SDPL), has won a land tender in Singapore with joint-venture (JV) partner Sing Holdings Residential Pte Ltd (SHRPL).
The parcel, located at Chuan Grove, covers 14,514.3 sq m and was awarded by the Urban Redevelopment Authority (URA) yesterday for S$623.91mil, or approximately RM2.05bil.
A JV company, Chuan Grove Pte Ltd, will undertake the development. SHRPL holds a 65% stake while SDPL controls the remaining 35%.
The project is intended for residential use on a 99-year leasehold basis, pending regulatory approvals.
The partnership brings together the resources of Sunway and Singapore-listed Sing Holdings Ltd, SHRPL’s parent company.
Sing Holdings is principally engaged in property investment and development, while Sunway has a significant regional presence in construction and property development.
Sunway said in a filing yesterday that the proposed development is expected to begin contributing to its earnings from the financial year ending December 2027.
The group, however, noted that the project will be subject to common industry risks such as fluctuations in raw material prices, changes in interest rates, and movements in the property cycle.
Both parties are expected to leverage their property development experience to mitigate these challenges.
The acquisition reflects ongoing demand for prime residential developments in Singapore, where land supply remains limited and competition among developers for URA tenders continues to be strong.
Sunway is no stranger to the Singapore real estate and construction scene, having undertaken several projects in the city-state.
In its latest results note, the group highlighted Otto Place, its executive condominium project in Singapore, which it said benefits from excellent connectivity and proximity to two Mass Rapid Transit stations.
“Otto Place has achieved a strong take-up rate of 91% since its launch in July 2025.”
The group believes the prospects for the local real estate market will continue to be driven by a stable economic climate, easing monetary policy and the development of new economic corridors. It plans to expedite property launches in the second half of 2025, with Sunway LakeHills and Sunway Majestic in Johor in the pipeline.
