KUALA LUMPUR, Sept 12 — Sunway Bhd’s subsidiary Sunway Developments Pte Ltd (SDPL) has bagged a tender win for a land parcel at Tengah Plantation Close, Singapore, together with Hoi Hup Realty Pte Ltd, for a 99-year lease term executive condominium housing development worth approximately RM1.2 billion.

The project was awarded by the Housing and Development Board of Singapore.

In a filing with Bursa Malaysia, the company said Hoi Hup and SDPL would incorporate a joint venture company, in which Hoi Hup and SDPL shall have an equity interest in the proportion of 65:35 at a later date, to undertake the development of the Tengah land.

The completion period of the proposed project shall be 60 months or earlier, commencing from September 11, 2023.

The project is expected to contribute positively to the group’s earnings from the financial year ending December 31, 2025, onwards, it said. — Bernama