PETALING JAYA: Sunway Bhd
’s indirect wholly-owned subsidiary, SMCL Haven 3 Pte Ltd (SMCLH3), has secured a prime residential development site in Singapore through a joint tender with CSC Land Group (Singapore) Pte Ltd.
In filing with Bursa Malaysia yesterday, Sunway said Singapore’s Urban Redevelopment Authority awarded the River Valley Green land parcel to the consortium following a successful bid of S$750.57mil (RM2.4bil).
The site, which spans about 11,516 sq m, carries a 99-year leasehold tenure and is earmarked for residential development.
To undertake the project, SMCLH3 and CSC will establish a joint-venture company, subject to regulatory approvals. The venture will be owned on a 60:40 basis by SMCLH3 and CSC, respectively.
Sunway said the proposed development is expected to make a positive contribution to the group’s earnings from the financial year ending Dec 31, 2029 (FY29) onwards. CSC is a Singapore-incorporated company principally engaged in real estate development.
The group further noted that the project is subject to the usual risks associated with property development and construction activities, including fluctuations in raw material prices, movements in interest rates and changes in property market conditions.
However, Sunway said such risks could be mitigated by the development expertise and track record of both Sunway Group and CSC.
The company also stated that none of its directors, major shareholders or persons connected to them has any direct or indirect interest in the proposed project.
For the quarter ended March 2026 (1Q26), Sunway recorded revenue of RM2.56bil and a net profit of RM9.41bil, representing an increase in revenue of 8% year-on-year and a bottom line growth exceeding 49 times.
The group had explained that the significantly profitability in 1Q26 was mainly due to the net gain arising from the remeasurement of the investment in Sunway Healthcare Holdings Berhad to fair value upon the latter’s listing and reclassification as a subsidiary, amounting to RM9.1bil.
Excluding the SHH net gain, Sunway said its underlying pre-tax profit would have been RM462.4mil, representing an improvement of approximately 52.1% year-on-year.
