We refer to our announcement dated 15 February 2018 in relation to the Collective Sale and Purchase Agreement entered between Hoi Hup Realty Pte Ltd (“Hoi Hup”) and Sunway Developments Pte Ltd (“SDPL”) with the collective majority owners of Brookvale Park to acquire Brookvale Park (“the Property”) for a total consideration of S$530.0 million (equivalent to approximately RM1.59 billion). 

The Board of Directors of Sunway wishes to announce that a joint venture company by the name of Hoi Hup Sunway Clementi Pte Ltd (“HHSC”) has been incorporated on 20 February 2018 with the following proportion of equity interest, to undertake the proposed residential development on the Property:-

a) Hoi Hup – 60% equity interest in HHSC;

b) SDPL – 30% equity interest in HHSC; and

c) SC Wong Pte Ltd – 10% equity interest in HHSC. 

HHSC is a company incorporated in Singapore and has issued and paid-up share capital of SGD4,000,000/-. Its intended principal activity is real estate developer.  

None of the directors or substantial shareholders of Sunway or persons connected with them has any interest, whether direct or indirect in the aforesaid incorporation. 

This announcement is dated 20 February 2018.