KUALA LUMPUR, Sept 10 (Bernama) — Sunway Bhd’s subsidiary Sunway Developments Pte Ltd (SDPL), together with Sing Holdings Residential Pte Ltd (SHRPL), has secured a land parcel in Singapore from the Urban Redevelopment Authority of Singapore (URA) for a residential development valued at S$623.91 million (RM2.05 billion).
Sunway said the URA awarded the 14,514.3 square metres of land at Chuan Grove on a 99-year lease to SHRPL and SDPL, following a successful joint tender by the parties.
It said Chuan Grove Pte Ltd, a joint venture company in which SHRPL and SDPL hold equity interests of 65 and 35 per cent respectively, will be appointed as the approved developer to undertake the project.
“The project is expected to contribute positively to the earnings of Sunway Group from the financial year ending Dec 31, 2027 onwards,” it said in a filing with Bursa Malaysia.
SDPL is a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, which in turn is a wholly-owned subsidiary of Sunway.
Meanwhile, SHRPL is a company incorporated in Singapore and is a wholly-owned subsidiary of Sing Holdings Ltd.
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