KUALA LUMPUR: Sunway Bhd
's joint ventures, Gemini Residential Pte Ltd and Gemini Trustee Pte Ltd, have been awarded a parcel of land at Bayshore Drive, Singapore, for S$2.13 billion (approximately RM6.74 billion) by the Urban Redevelopment Authority of Singapore.
Gemini Residential Pte Ltd and Gemini Trustee Pte Ltd are 30 per cent-owned joint ventures of Sunway, a conglomerate with businesses spanning property, construction, hospitality, retail, leisure, education, trading and manufacturing, quarrying, building materials and real estate investment trusts (REITs).
In a filing with Bursa Malaysia today, the group said the land, which has a 99-year leasehold tenure, has been earmarked for a mixed-use residential and commercial development.
The proposed project is expected to contribute positively to the earnings of the Sunway Group from the financial year ending Dec 31, 2029 onwards.
"The proposed project is subject to usual risks associated with property development and construction, including fluctuations in raw material prices, interest rate movements and gyrations in the property cycle.
"However, these risks can be mitigated by the Sunway Group's and the joint venture partners' experience and track record in property development,” it added. - Bernama
