Bandar Sunway – Sunway Berhad, through a joint venture company, in which its wholly owned subsidiary, Sunway Construction Sdn Bhd has a 30% stake, had secured a parcel of leasehold land in Singapore for SGD140.96 million (RM344 million).
The parcel, on a 99-year lease term, with a land area of 4.3 acres, is located in Jalan Loyang Besar, Pasir Ris, and was awarded to Sunway by the Urban Redevelopment Authority of Singapore through an open tender.
The site is located near the Pasir Ris MRT station and Pasir Ris Bus Interchange and is conveniently linked to major expressways, such as the Tampines Expressway and Pan Island Expressway. Surrounding amenities include primary and secondary schools located within a one kilometer radius, with ample shopping, dining and recreation facilities located a short distance away such as Downtown East and the White Sands Shopping Centre. Another key selling point for the development is the sea view that it will offer
The project is expected to launch in 2012 with contributions to group earnings from financial year ending 31 December 2013.
With the recent win, Sunway Berhad’s landbank in Singapore has increased to 10 acres with a potential GDV of RM1.8 billion.
Since June this year, Sunway had launched two projects in Singapore with a combined GDV of SGD 843 million (RM 2.06 billion).
The Miltonia Residences, a low rise condominium with a total GDV of SGD 378 million (RM 926 million) has recorded brisk sales with 77% of its 410 units snapped up since its launch in June. The development will be a resort-themed condominium with a golf-course and reservoir view.
The Arc at Tampines, a high rise Executive Condominium (“EC”), with a total GDV of SGD 465 million (RM 1.13 billion) , and consisting of 574 units was launched in late September and has recorded 63% sales. The development is the first EC to be launched after the Government increased the household income ceiling for EC from SGD10,000 to SGD12,000.
Next up, Sunway will be launching a high rise, The Lake Vista at Yuan Ching under the Design, Build and Sell Scheme (DBSS) on 18 November 2011. The residential development consists of 684 units, and has a total GDV of SGD370 million. The developer has, to date, received 1,000 registrations prior to launch, translating to three applications for every two units.
The attraction of the project is attributed to the development being the first of its kind in the vicinity of the Jurong Lake district which has been earmarked for future developments by the Singapore government. The Jurong Lake area is set for a major transformation into world-class leisure destination over the next 10-15 years and will comprise waterfront hotels, parks and playgrounds spanning over 220 hectares of land and 70 hectares of water body once completed.
To date, Sunway Berhad has a remaining landbank of 2,160 acres including parcels in Malaysia, China and Singapore with a total GDV of RM22 billion for development within eight years.