Sunway, Hoi Hup Realty wins land tender in Singapore
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The Housing and Development Board of Singapore has awarded a parcel of land measuring 2.5ha to Sunway Bhd’s Singaporean unit Sunway Developments Pte Ltd (SDPL) and Hoi Hup Realty Pte Ltd after a successful bid.
The land is slated for the SG$434.45 million (RM1.32 billion) Executive Condominium Housing Development. The group told the stock exchange that the land located at Tampines Avenue 10 (Lot 7545K MK 28), Tampines, Singapore was awarded to Hoi Hup and SDPL following a successful joint tender submitted by the parties.
“The land will be acquired by a proposed new joint venture company to be incorporated, in which Hoi Hup or its nominee company(ies) and SDPL will have equity interest in the proportion of 65:35,” it noted.
The 99-year lease term Executive Condominium Housing Development project is scheduled to go on for 60 months, commencing Jan 22.
It is expected to contribute positively to the earnings of Sunway Group in the financial year 2023.
Questions & Answers
Q.Which entities secured the land tender from Singapore's Housing and Development Board?
Which entities secured the land tender from Singapore's Housing and Development Board?
Sunway Developments Pte Ltd (SDPL), the Singaporean unit of Sunway Bhd, and Hoi Hup Realty Pte Ltd won the land tender. They submitted a successful joint bid for the parcel.
Q.What type of development is planned for the acquired land in Tampines?
What type of development is planned for the acquired land in Tampines?
The land is designated for an Executive Condominium Housing Development. This project has a 99-year lease term and is located at Tampines Avenue 10 in Singapore.
Q.How will the equity be split in the new joint venture company formed for this project?
How will the equity be split in the new joint venture company formed for this project?
Hoi Hup or its nominee companies will hold a 65% equity interest in the proposed new joint venture company. SDPL will hold the remaining 35% equity interest.
Q.When is the Executive Condominium Housing Development project expected to begin and how long will it last?
When is the Executive Condominium Housing Development project expected to begin and how long will it last?
The project is scheduled to commence on 22nd January. It is expected to continue for a period of 60 months from that start date.
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