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Sunway JV bid wins RM1.1b Singapore land
by Cals Wed 18 Sep 2013, 02:09
Sunway JV bid wins RM1.1b Singapore land
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 17 September 2013 18:09
KUALA LUMPUR (September 17): A joint venture (JV) comprising Sunway Bhd and Singapore-based firms Hoi Hup Realty Pte Ltd and S C Wong Holdings Pte Ltd has secured a 99-year lease for a property development tract in the neighbouring country. This follows a successful bid by the JV parties.
The land which is earmarked for a proposed residential project is worth S$442.28 million (approximately RM1.132 billion), Sunway told Bursa Malaysia today.
According to Sunway, the Urban Redevelopment Authority of Singapore had last Thursday (September 12), awarded the tract at Mount Sophia, known as Land Parcel 875 to JV firm Hoi Hup Sunway Mount Sophia Pte Ltd.
"Hoi Hup Sunway Mount Sophia is a company incorporated in Singapore with a paid-up capital of S$1,000,000/-. The principal activity of Hoi Hup Sunway Mount Sophia is real estate development.
"The completion period of the proposed project shall be 60 months or earlier, commencing from 12 September 2013. It is expected to contribute positively to the earnings of Sunway Group from the financial year ending 31 December 2015 onwards," Sunway said.
Hoi Hup, Sunway Developments Pte Ltd, and S C Wong owns 51%, 30% and 19% respectively in Hoi Hup Sunway Mount Sophia. Sunway Developments is a wholly-owned unit of Sunway.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 17 September 2013 18:09
KUALA LUMPUR (September 17): A joint venture (JV) comprising Sunway Bhd and Singapore-based firms Hoi Hup Realty Pte Ltd and S C Wong Holdings Pte Ltd has secured a 99-year lease for a property development tract in the neighbouring country. This follows a successful bid by the JV parties.
The land which is earmarked for a proposed residential project is worth S$442.28 million (approximately RM1.132 billion), Sunway told Bursa Malaysia today.
According to Sunway, the Urban Redevelopment Authority of Singapore had last Thursday (September 12), awarded the tract at Mount Sophia, known as Land Parcel 875 to JV firm Hoi Hup Sunway Mount Sophia Pte Ltd.
"Hoi Hup Sunway Mount Sophia is a company incorporated in Singapore with a paid-up capital of S$1,000,000/-. The principal activity of Hoi Hup Sunway Mount Sophia is real estate development.
"The completion period of the proposed project shall be 60 months or earlier, commencing from 12 September 2013. It is expected to contribute positively to the earnings of Sunway Group from the financial year ending 31 December 2015 onwards," Sunway said.
Hoi Hup, Sunway Developments Pte Ltd, and S C Wong owns 51%, 30% and 19% respectively in Hoi Hup Sunway Mount Sophia. Sunway Developments is a wholly-owned unit of Sunway.
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