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Wednesday, January 12, 2011

Sunway unit wins S’pore land deal

KUALA LUMPUR: Sunway Holdings Bhd, via indirect subsidiary Sunway Developments Pte Ltd (SDPL), has been awarded a tender to jointly develop a parcel of land at Yuan Ching Road, Singapore, for a 103-year lease term at S$131.6mil (RM314.91mil).

SDPL, a wholly-owned subsidiary of Sunway Construction Sdn Bhd which in turn is a wholly-owned subsidiary of Sunway Holdings, will be jointly developing the land with Hoi Hup Realty Pte Ltd and SC Wong Holdings Pte Ltd.

“Hoi Hup, SDPL and SC Wong Holdings intend to incorporate a joint venture on a 60:30:10 basis to undertake the development of the land,” Sunway Holdings told Bursa Malaysia yesterday.

The tender was awarded by the Housing and Development Board of Singapore, it said.

Hoi Hup, incorporated in Singapore, has a paid-up capital of S$3mil and is involved in real estate development. SC Wong Holdings, which is also incorporated in Singapore, has a paid-up capital of S$15mil and is principally involved in investment holding.

“The completion period of the proposed project shall be 48 months or earlier, commencing from January 10, 2011 and would contribute positively to the earnings of Sunway Group for the financial year ending Dec 31, 2012 onwards,” Sunway Holdings said.

In a separate statement, Sunway Holdings said SunCon had secured a banking facility amounting to US$15mil (RM46.35mil) for the issuance of tender bonds, performance bonds and advance payment bonds for current contracts and future contracts to be secured by the latter.

SunCon is principally involved in turnkey, construction related design and build, civil engineering and building works.

By The Star

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