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PETALING JAYA (June 24): Sunway Bhd's indirect wholly owned subsidiary SMCL Haven 3 Pte Ltd and CSC Land Group (Singapore) Pte Ltd have received a letter of award from Singapore's Urban Redevelopment Authority for a parcel of land at River Valley Green, Singapore, at a tender price of S$750.57 million (about RM2.4 billion).
According to the Bursa filing yesterday, the land measures about 11,516 sq m and carries a 99-year lease term. SMCL Haven 3 and CSC will incorporate a joint venture company, with equity interests of 60% and 40% respectively, to undertake the proposed development, subject to regulatory approvals.
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Sunway said the proposed project is expected to contribute positively to the earnings of the group from the financial year ending Dec 31, 2029 onwards.
The company said the project would be subject to the usual property development and construction-related risks, including fluctuations in raw material prices, interest rate movements and the property cycle, but noted these risks could be mitigated by Sunway's and CSC's experience and track record in property development.
Sunway added that none of its directors or major shareholders, nor persons connected with them, has any direct or indirect interest in the proposed project.
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