Bursa Announcements
OTHERS SUNWAY BERHAD (“SUNWAY”) - TENDER OF LAND PARCEL AT MOUNT SOPHIA
| SUNWAY BERHAD |
| Type | Announcement |
| Subject | OTHERS |
| Description | SUNWAY BERHAD (“SUNWAY”) - TENDER OF LAND PARCEL AT MOUNT SOPHIA |
The Board of Directors of Sunway is pleased to announce that the Urban Redevelopment Authority of Singapore had on 12 September 2013, awarded a land parcel at Mount Sophia, known as Land Parcel 875 (“the Land”) for a 99-year lease term at S$442.28 million (equivalent to approximately RM1.132 billion) to Hoi Hup Realty Pte Ltd (“Hoi Hup”), Sunway Developments Pte Ltd (“SDPL”) and S C Wong Holdings Pte Ltd (“S C Wong”), following a successful tender for the Land jointly submitted by the parties.
SDPL is a wholly-owned subsidiary of Sunway Construction Sdn Bhd, which in turn is a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, in turn is a wholly-owned subsidiary of Sunway. Hoi Hup, SDPL and S C Wong had on 16 September 2013, incorporated a joint venture in the name of Hoi Hup Sunway Mount Sophia Pte Ltd (“Hoi Hup Sunway Mount Sophia”) on a 51:30:19 equity ratio to undertake a residential development on the Land (hereinafter referred to as "the Proposed Project"). Hoi Hup is a company incorporated in Singapore with a paid-up capital of S$3,000,000/-. The principal activity of Hoi Hup is real estate development. S C Wong is a company incorporated in Singapore with a paid-up capital of S$15,000,000/-. The principal activity of S C Wong is investment holding. Hoi Hup Sunway Mount Sophia is a company incorporated in Singapore with a paid-up capital of S$1,000,000/-. The principal activity of Hoi Hup Sunway Mount Sophia is real estate development. The completion period of the Proposed Project shall be 60 months or earlier, commencing from 12 September 2013. It is expected to contribute positively to the earnings of Sunway Group from the financial year ending 31 December 2015 onwards. None of the directors or substantial shareholders of Sunway or persons connected with them has any interest, whether direct or indirect in the Proposed Project. | |
Announcement Info
| Company Name | SUNWAY BERHAD |
| Stock Name | SUNWAY |
| Date Announced | 17 Sept 2013 |
| Category | General Announcement |
| Reference No | SS-130917-43D0B |