Sunway secures RM2.33bil Singapore land tender for residential development
In a filing with Bursa Malaysia, Sunway said the Urban Redevelopment Authority of Singapore had awarded a parcel of land measuring approximately 15,831.5 sq metres at Chuan Grove for a 99-year lease term for a residential development at S$703.6mil (RM2.33bil) to SHRPL and Sunway Developments Pte Ltd (SDPL) following a successful tender for the land.
'SHRPL and SDPL will incorporate a joint venture company, in which SHRPL and SDPL shall have equity interests in the proportion of 65:35 at a later date, to undertake the development of the land.
SDPL is a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, which in turn is a wholly-owned subsidiary of Sunway.
Sunway said the proposed project is expected to contribute positively to the earnings of Sunway Group from the financial year ending Dec 31, 2026 onwards.
'The proposed project is subject to usual property development and construction-related risk, including fluctuations in the raw materials prices, interest rate movements and gyrations in the property cycle.
'However, these risks could be mitigated by SHRPL and SDPL's experience and track record in property development.'
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