19 NOVEMBER – Sunway Berhad, through its joint venture vehicle with Singapore developer Hoi Hup Realty, today won a competitive bid for 22 parcels of freehold residential land in Tanjong Katong, Singapore with a bid of SGD815 million (approximately RM2.5 billion).

The 22 parcels of land with a total area of 6 acres are located on Thiam Siew Avenue and is situated a mere 600m from the Dakota MRT station and 800m from the Paya Lebar MRT Interchange. In addition, the site is within 1km from multiple prominent education institutions like Kong Hwa Primary School, Haig Girls School, Tanjong Katong Primary School, Tanjong Katong Girls School, Dunman High School and Chung Cheng High School.  Located on the fringes of Singapore CBD, the site is also just a 10-minute drive away via Nicoll Highway or ECP.

Under the URA Master Plan 2019, the site is zoned “residential” with a plot ratio of 2.8. Sunway and Hoi Hup intends to redevelop the site into luxury private residential condominiums with a potential GDV of SGD2.0 billion.

The acquisition is Sunway’s second major acquisition in Singapore for 2021 after earlier securing the 4.79 acre freehold Flynn Park site at Pasir Panjang for SGD371 million.

The acquisitions represent Sunway’s continued expansion in Singapore in which its current launched developments including Ki Residences, a private condominium in Clementi, and Parc Central, an Executive Condominium in Tampines, have both done well and achieved robust take-ups of 75% and 95% respectively since their launch in early 2021.

With the latest acquisition of the land on Thiam Siew Avenue, Sunway Property’s landbank to date stands at 3,345 acres, with a potential GDV of RM 60.5 billion.

Source: iProperty, November 19, 2021