SUNWAY HOLDINGS BERHAD (FORMERLY KNOWN AS SUNWAY HOLDINGS INCORPORATED BERHAD) ["SUNWAY"]
- TENDER OF STATE LAND PARCEL TOA PAYOH PH1 AT LORONG 1A TOA PAYOH FOR PUBLIC HOUSING DEVELOPMENT
The Board of Directors of Sunway is pleased to announce that the Housing and Development Board of Singapore has accepted the tender for the lease of State Land Parcel Toa Payoh PH1 measuring approximately 2.75ha located at Lorong 1A Toa Payoh for a 103-year lease term at S$198.82 million (equivalent to approximately RM469.22 million) which was jointly submitted by Hoi Hup Realty Pte Ltd Group (“Hoi Hup”) and Sunway Developments Pte Ltd (“SDPL”).
SDPL is a wholly-owned subsidiary of Sunway Construction Sdn Bhd which in turn is a wholly-owned subsidiary of Sunway. Hoi Hup and SDPL intend to incorporate a joint venture on a 70:30 basis to pay for the lease of the land and to undertake the Design, Build and Sell Scheme (hereinafter referred to as "the Proposed Project").
The Proposed Project is targeted to be launched in early second quarter of year 2009 with an estimated Gross Development Value of S$680 million (equivalent to approximately RM1,605 million). It is expected to take approximately 4 years to complete and would contribute positively to the earnings of Sunway Group for the financial year ending 2009 onwards.
None of the directors or substantial shareholders of Sunway or persons connected with them has any interest, whether direct or indirect in the Proposed Project.
This announcement is dated 26 August 2008.
update on 22 January 2009
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