Kuala lumpur: The Urban Redevelopment Authority of Singapore has awarded a 1.58-hectare land parcel at Chuan Grove, Singapore, to Sing Holdings Residential Pte Ltd (SHRPL) and Sunway Developments Pte Ltd (SDPL), following a successful joint tender by both parties. In a Bursa Malaysia filing today, Sunway Bhd revealed that the contract involves a 99-year lease for residential development at a total consideration of S$703.6 million (approximately RM2.33 billion).

According to BERNAMA News Agency, SDPL is a wholly owned subsidiary of Sunway Holdings Sdn Bhd, which is in turn wholly owned by Sunway Bhd. Sunway Bhd also announced that SHRPL and SDPL will incorporate a joint venture company where SHRPL and SDPL will hold equity interests in a 65:35 ratio at a later stage to undertake the development of the land.

The proposed development is anticipated to contribute positively to the earnings of the Sunway Group from the financial year ending December 31, 2026, onwards.