KUALA LUMPUR, Sunway Bhd, through its wholly owned subsidiary Sunway Developments Pte Ltd (SDPL), has won a land tender at Chuan Grove, Singapore, in partnership with Sing Holdings Residential Pte Ltd (SHRPL). The winning bid was worth S$703.6 million (approximately RM2.33 billion), according to a filing with Bursa Malaysia.
Awarded by Singapore’s Urban Redevelopment Authority (URA) on July 17, 2025, the land parcel spans approximately 15,831.5 square metres and is designated for a 99-year leasehold residential development.
To undertake the project, Sunway and SHRPL—a wholly owned unit of SGX-listed Sing Holdings Ltd—will form a joint venture company. SHRPL will hold a 65% stake, while SDPL will own the remaining 35%.
Sunway stated that the proposed residential development is expected to start contributing positively to the group’s earnings from the financial year ending December 31, 2026, onwards.
The group also noted that potential development risks such as fluctuations in raw material costs and interest rates will be mitigated through the partners’ strong industry experience and proven track record.
