Sunway acquires their first land in Singapore spanning across 8.6 acres

15 February, SUNWAY CITY – Sunway Berhad and Hoi Hup, have entered into a collective sale and purchase agreement to acquire a prime 8.6-acre plot of land, for SGD 530 million (RM1.59 billion) in Clementi, Singapore for redevelopment into a new private residential development.

Currently, the 999-year leasehold land is the site for a 160-unit private residential estate named Brookvale Park. Clementi is a mature residential neighbourhood which is also known for the its tertiary educational institutions located there, including Ngee Ann Polytechnic, Singapore Polytechnic, and the National University of Singapore. Nearby amenities include a five-storey Clementi Mall.

Subject to approval from the authorities, the plan is to redevelop the site into a new private residential development. A proposed joint venture company will be set up, in which Hoi Hup, SDPL and S C Wong Pte Ltd to have equity interest to the proportion of 60% : 30% : 10%.

SDPL is a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, which is in turn a wholly-owned subsidiary of Sunway. Hoi Hup is a real estate development company in Singapore while SC Wong is an investment holding company in Singapore.

The proposed development is expected to contribute positively to the earnings of Sunway Group from the financial year ending 31 December 2019 onwards.

For more information of Sunway Berhad’s property division, please visit www.sunwayproperty.com.

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