The Board of Directors of Sunway is pleased to announce that Tianjin Eco-City Sunway Property Development Co. Ltd (“Tianjin Eco-City Sunway”), a 60% owned joint venture company, has on 11 September 2019, won a tender to acquire from Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd, a plot of land known as Sino-Singapore Tianjin Eco-City Plot 30c located in Tianjin, China measuring approximately 27,712.50 square metre (“the Land”) at a tender price of RMB438 million (equivalent to approximately RM257.78 million).

Tianjin Eco-City Sunway will undertake a residential development known as Sunway Garden Phase 3 which consists of 7 blocks of condominiums on the Land (“the Proposed Development”).

Tianjin Eco-City Sunway is a 60% owned joint venture company of Sunway City (S’pore) Pte Ltd which in turn is a subsidiary of Sunway. It is incorporated in China with a paid-up share capital of RMB638 million. Its principal activity is property development.

The Proposed Development is expected to commerce in May 2020 and targeted to be completed by May 2023. It is expected to contribute positively to the earnings of Sunway Group from the financial year 2023 onwards.

The Proposed Development is subjected to normal construction risk of materials price fluctuation. However, with the past experiences and expertise of Tianjin Eco-City Sunway in development of similar project, this risk could be mitigated. 

None of the directors or major shareholders of Sunway or persons connected with them has any interest, whether direct or indirect in the Proposed Development. Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd is the joint venture partner holding the balance 40% equity interest in Tianjin Eco-City Sunway.

This announcement is dated 12 September 2019.