KUALA LUMPUR: A joint bid by Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd (SDPL) has won the tender for a five-acre parcel of land at Plantation Close, Tengah, in Singapore for a 99-year lease term executive condominium housing development at S$423.38mil (about RM1.5bil).
In a filing with Bursa Malaysia, Sunway Bhd , which owns Sunway Holdings Sdn Bhd, which in turn owns Sunway Developments, said it had received the award from the Housing and Development Board of Singapore.
Sunway Developments and Hoi Hup will incorporate a joint venture at a later date to undertake the development of the land, in which Hoi Hup will have a 65% stake while the remaining 35% will be owned by Sunway Developments.
Sunway said the proposed project has a completion period of 60 months or earlier, commencing Feb 14, 2024.
The project is expected to contribute positively to the earnings of Sunway Group in the financial year ending Dec 31, 2028, onwards.
“The proposed project is subjected to normal construction risk of materials price fluctuation.
“However, with the past experiences and expertise of Hoi Hup and SDPL in construction of similar project, this risk could be mitigated,” it added.