PETALING JAYA: Sunway Bhd’s Singapore subsidiary Sunway Developments Pte Ltd (SDPL) has won the tender for a land parcel at Tengah Plantation Close, Singapore, together with Hoi Hup Realty Pte Ltd, for an executive condominium housing development with a bid of S$348.5 million (RM1.2 billion).

The project was awarded by Singapore’s Housing and Development Board (HDB) yesterday.

The site is a 99-year leasehold plot of land spanning 4.06 acres located within walking distance of the upcoming Tengah Park MRT station on the Jurong regional line.

The Tengah Plantation Close executive condominium is located in the heart of Tengah Town where there is a rising demand for new properties, Sunway said in a statement today.

In a filing with Bursa Malaysia today, Sunway said Hoi Hup and SDPL would incorporate a 65:35 joint venture company to undertake the development of the Tengah land.

The completion period of the proposed project shall be 60 months or earlier, commencing from Sept 11, 2023.

The filing said the project is expected to contribute positively to the group’s earnings from the financial year ending Dec 31, 2025, onwards.