Sunway Bhd, through its Singapore joint ventures, has secured a prime residential and commercial development site at Bayshore Drive, Singapore, after winning a government land tender valued at S$2.128 billion (approximately RM6.74 billion).
The construction group said the Urban Redevelopment Authority (URA) of Singapore awarded the approximately 57,460.6 sq m site on a 99-year lease to Gemini Residential Pte Ltd (GRPL) and Gemini Trustee Pte Ltd (GTPL), acting as trustee-manager of Gemini Mall Trust.
The award follows a successful joint tender submitted by GRPL and GTPL.
Sunway has a 30% interest in each of GRPL, GTPL and Gemini Mall Trust through its indirect wholly owned subsidiaries, SMCL Urban R2 Pte Ltd and SMCL Urban C2 Pte Ltd.
The consortium also comprises Singapore property developer Frasers Property, Japan’s Sekisui House and LC Realty, while GTPL and Gemini Mall Trust are jointly owned by Sunway, Sekisui House and Frasers Centrepoint Trust.
GRPL and GTPL will jointly undertake the proposed mixed residential and commercial development, subject to obtaining the necessary regulatory approvals.
Sunway said the project is expected to contribute positively to the earnings of the Sunway Group from the financial year ending Dec 31, 2029 onwards.
