PETALING JAYA: Singapore’s Urban Redevelopment Authority has awarded a consortium, in which Sunway Bhd
holds a 30% stake, a 99-year lease-term site at Bayshore Drive in Singapore for S$2.13bil (RM6.74bil).
In a filing with Bursa Malaysia, Sunway said the land parcel, measuring 57,460.6 sq m, was awarded to Gemini Residential Pte Ltd (GRPL) and Gemini Trustee Pte Ltd (GTPL), acting in its capacity as trustee-manager of Gemini Mall Trust, following a successful tender.
“GRPL, GTPL and Gemini Mall Trust are all 30%-owned joint ventures of Sunway.
“GRPL and GTPL will jointly undertake the development of the site, subject to regulatory approvals,” it noted.
“The proposed project is expected to contribute positively to the earnings of the Sunway Group from the financial year ending Dec 31, 2029 onwards.”
Sunway added that the proposed project is subject to the usual risks associated with property development and construction, including fluctuations in raw material prices, interest rate movements and the property cycle.
“However, these risks could be mitigated by Sunway Group’s and the joint venture partners’ experience and track record in property development,” it said.
Apart from Sunway, the consortium comprises Frasers Property Ltd, Japan’s Sekisui House Ltd and Singapore-based Lum Chang Building Contractors Pte Ltd.
Sunway’s wholly owned subsidiary SMCL Urban R2 Pte Ltd holds a 30% stake in GRPL, alongside Frasers Property Phoenix Pte Ltd (37.5%), Sekisui House (25%) and LC Realty Pte Ltd (7.5%).
Meanwhile, GTPL and Gemini Mall Trust are each owned 50% by HSBC Institutional Trust Services (Singapore) Ltd, in its capacity as trustee of Frasers Centrepoint Trust (FCT), 30% by Sunway’s indirect wholly owned subsidiary SMCL Urban C2 Pte Ltd, and 20% by Sekisui House.
Previously, Frasers Property said the 99-year leasehold mixed-use site has a maximum gross floor area of 149,398 sq m and will be directly integrated with Bedok South Mass Rapid Transit station on the Thomson-East Coast Line and a new bus interchange.
Located within the Bayshore waterfront precinct, it said the development is expected to yield up to 1,280 residential units and 22,500 sq m of commercial space.
Frasers Property had said Frasers Property, Sunway MCL, Sekisui House and Lum Chang will jointly develop the residential component, while the retail component will be developed and fully owned by FCT, Sunway MCL and Sekisui House.
For the first quarter ended March 31, 2026 (1Q26), Sunway’s net profit surged to RM9.4bil from RM190.55mil in 1Q25, while revenue rose to RM2.56bil from RM2.37bil a year earlier.
The group said the significantly higher profit was mainly due to the net gain arising from the remeasurement of the investment in Sunway Healthcare Holdings Bhd to fair value upon its listing and reclassification as a subsidiary. This gain amounted to RM9.1bil.
