Sunway Berhad announced that it has secured a land parcel at River Valley Green, Singapore, through a joint tender with CSC Land Group (Singapore) Pte. Ltd. for a residential development project valued at S$750.57 million (approximately RM2.4 billion).
In a Bursa Malaysia filing, Sunway said the Urban Redevelopment Authority of Singapore awarded the 11,516 square metre land parcel on June 23, 2026, for a 99-year lease term.
The successful tender was jointly submitted by SMCL Haven 3 Pte. Ltd. (SMCLH3), an indirect wholly-owned subsidiary of Sunway, and CSC Land Group (Singapore).
Under the arrangement, SMCLH3 and CSC will establish a joint venture company to undertake the proposed residential development, subject to regulatory approvals.
SMCLH3 will hold a 60% equity interest in the joint venture, while CSC will own the remaining 40%.
CSC Land Group (Singapore), a company incorporated in Singapore, is principally involved in property development.
Sunway said the proposed project is expected to contribute positively to the group’s earnings from the financial year ending December 31, 2029 onwards.
The company added that the development remains subject to typical property development risks, including fluctuations in raw material costs, changes in interest rates and property market cycles.
However, Sunway said these risks could be mitigated by the group’s and CSC’s experience and established track records in property development.
Sunway confirmed that none of its directors, major shareholders or persons connected to them have any direct or indirect interest in the proposed project.
The acquisition marks Sunway’s continued expansion into Singapore’s property market, strengthening its presence in the region’s high-value residential development segment.
