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ASEAN 2021:
Part 87: Singapore | Sunway Bhd
Sunway-Hoi Hup JV acquires prime freehold land at Tanjong Katong, Singapore for RM2.5bil
By NST Business - November 19, 2021 @ 3:24pm

KUALA LUMPUR: Sunway Bhd, through its joint venture vehicle with Singapore developer Hoi Hup Realty, today won a competitive bid for 22 parcels of freehold residential land in Tanjong Katong, Singapore, for SG$815 million (approximately RM2.5 billion).

The 22 land parcels, totalling six acres, are located on Thiam Siew Avenue, near the Dakota MRT station and the Paya Lebar MRT Interchange.

Located on the fringes of Singapore central business district (CBD), the site is also just a 10-minute drive away via Nicoll Highway or ECP.

Under the URA Master Plan 2019, the site is zoned 'residential' with a plot ratio of 2.8.

Sunway and Hoi Hup intend to redevelop the site into luxury private residential condominiums with a potential GDV of SG$2.0 billion.

The acquisition is Sunway's second major acquisition in Singapore for 2021 after earlier securing the 4.79-acre freehold Flynn Park site at Pasir Panjang for SG$371 million.

The acquisitions represent Sunway's continued expansion in Singapore in which its current launched developments, including Ki Residences, a private condominium in Clementi, and Parc Central, an Executive Condominium in Tampines, have both done well and achieved robust take-ups of 75 per cent and 95 per cent respectively since their launch in early 2021.

With the latest acquisition of the land on Thiam Siew Avenue, Sunway Property's landbank to date stands at 3,345 acres, with a potential GDV of RM 60.5 billion.

https://www.nst.com.my/business/2021...tong-singapore