KUALA LUMPUR, Nov 19 — Sunway Bhd's wholly-owned property development unit in Singapore, Sunway Developments Pte Ltd (SDPL), together with Hoi Hup Realty Pte Ltd had entered into a collective sale and purchase agreement to acquire 22 plots of residential freehold land in Tanjong Katong, Singapore worth S$815.0 million (RM2.51 billion).
In a filing with Bursa Malaysia, Sunway Group said the land would be redeveloped into a new private residential development and a proposed joint-venture company would be incorporated, in which Hoi Hup and SDPL will have equity interest in the proportion of 70:30.
“SDPL’s cost of investment in the joint venture is estimated to be S$140 million or RM431.2 million.
“The proposed project is expected to contribute positively to the earnings of Sunway Group from the financial year ending Dec 31, 2024 onwards,” it said. — Bernama
