The Urban Redevelopment Authority of Singapore has awarded a 1.58-hectare land parcel at Chuan Grove to Sing Holdings Residential Pte Ltd (SHRPL) and Sunway Developments Pte Ltd (SDPL), following the success of a joint tender by both parties.
In a filing to Bursa Malaysia today, Sunway Bhd confirmed that the project involves a 99-year lease for residential development at a total consideration of S$703.6 million, equivalent to approximately RM2.33 billion.
SDPL is a wholly owned subsidiary of Sunway Holdings Sdn Bhd, which is in turn wholly owned by Sunway Bhd.
Sunway stated that SHRPL and SDPL will establish a joint venture company, with SHRPL and SDPL holding equity interests of 65 per cent and 35 per cent respectively, to undertake the development of the land parcel.
The proposed development is expected to contribute positively to the earnings of the Sunway Group from the financial year ending 31 December 2026 onwards.
-Bernama
