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SUNWAY Bhd has successfully secured a parcel of land at Chuan Grove, Singapore, after jointly submitting a winning tender worth S$703.6 million (approximately RM2.33 billion) with Sing Holdings Residential Pte Ltd (SHRPL).
In a Bursa Malaysia filing, Sunway said the land, measuring approximately 15,831.5 sq m, was awarded by the Urban Redevelopment Authority of Singapore on July 17, 2025, for a 99-year leasehold residential development.
The two parties — Sunway Developments Pte Ltd (SDPL), a wholly-owned subsidiary of Sunway, and SHRPL, a wholly-owned unit of SGX-listed Sing Holdings Ltd — will incorporate a joint venture company, in which SHRPL will hold a 65% stake, while SDPL will own 35%.
“The proposed project is expected to contribute positively to the earnings of Sunway Group from the financial year ending Dec 31, 2026, onwards,” the group said, adding that typical property development risks such as raw material costs and interest rate fluctuations are mitigated by the partners’ strong track record. — TMR
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