KUALA LUMPUR: Sunway Bhd
has secured a prime residential development site in Singapore after a joint venture involving its indirect wholly-owned subsidiary successfully won a government land tender worth S$750.57mil (about RM2.4bil).
In a filing with Bursa Malaysia, Sunway said the Urban Redevelopment Authority (URA) of Singapore had awarded the 11,516 sq m parcel of land at River Valley Green to SMCL Haven 3 Pte Ltd (SMCLH3) and CSC Land Group (Singapore) Pte Ltd following a successful joint tender.
SMCLH3 is an indirect wholly-owned subsidiary of Sunway.
The land comes with a 99-year lease and will be developed into a residential project.
Sunway said SMCLH3 and CSC will incorporate a joint venture company, in which SMCLH3 and CSC shall have equity interests in the proportion of 60:40 at a later date, 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, 2029 onwards,” it said.
