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Wednesday, September 18, 2013

Sunway in JV for Singapore project


PETALING JAYA (Sept 18, 2013): Sunway Bhd will undertake a joint venture (JV) residential development at Mount Sophia, Singapore, after it successfully bid for a 99-year lease term at RM1.132 billion.

On Sept 12, 2013, the Urban Redevelopment Authority of Singapore had awarded the land parcel at Mount Sophia to Hoi Hup Realty Pte Ltd, Sunway's indirect unit Sunway Developments Pte Ltd (SDPL) and S C Wong Holdings Pte.

Following the award, Hoi Hup, SDPL and S C Wong had on Sept 16 incorporated a JV company called Hoi Hup Sunway Mount Sophia Pte Ltd, with a paid-up capital of S$1 million on a 51:30:19 equity ratio to undertake the residential development on the land.

The project will take 60 months to complete from Sept 12, 2013.

"It is expected to contribute positively to the earnings of Sunway Group from the financial year ending Dec 31, 2015 onwards," Sunway said in a filing with Bursa Malaysia yesterday.

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