Sunway, Hoi Hup to develop executive condo in Singapore

KUALA LUMPUR, Sept 12 — Sunway Bhd and Singapore-based real estate developer Hoi Hup Realty Pte Ltd have won a tender for a 1.8-hectare site in Sembawang, Singapore, which is slated for an executive condominium development, for S$271 million (RM817.2 million).

In a filing with Bursa Malaysia, the property and construction group said the Housing and Development Board of Singapore awarded the 99-year leasehold land in Canberra Link to its indirect unit, Sunway Developments Pte Ltd (SDPL), and Hoi Hup on Monday.

“The land will be acquired by a proposed new joint-venture (JV) company to be incorporated, in which Hoi Hup or its nominee companies and SDPL will have equity interests in the proportion of 65:35,” it said.

SDPL’s cost of investment in the JV is S$50 million (RM150.8 million).

Sunway said the proposed JV company would develop the project, likely to completed within 60 months.

The project was expected to contribute positively to the group’s earnings from financial year 2022 onwards, it added. — Bernama