Sunway Unit Bags Singapore Land Tender

KUALA LUMPUR, Sept 7 (Bernama) -- Sunway Bhd's unit, Sunway Developments Pte Ltd (SDPL), won the tender to acquire a 99-year leasehold land at Sengkang, Singapore, from the Housing and Development Board of Singapore. In a filing to Bursa (Malaysia's Stock Exchange) on Tuesday, Sunway said the tender price submitted jointly by its unit, together with Hoi Hup Realty Pte Ltd (Hoi Hup) of Singapore, was S$240.95 million (equivalent to approximately RM724.14 million). The said land would be acquired by a proposed new joint venture company at the tender price, in which Hoi Hup, SDPL, Oriental Worldwide Investments Inc and Azuki Investments Pte Ltd will have an equity interest in the proportion of 62:30:5:3. The proposed new joint venture company would be known as Hoi Hup Sunway Sengkang Pte Ltd which will build and sell executive condominiums on the said land. SDPL is a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, which is in turn a wholly-owned subsidiary of Sunway Bhd. --BERNAMA