Sunway Property builds presence in Singapore

Singapore

MALAYSIAN conglomerate company Sunway Group's property division, Sunway Property, is building up its presence in Singapore through new projects and land bank acquisitions.

This includes a S$530 million en bloc acquisition of Brookvale Park condominium, located on prime 999-year leasehold land in Clementi.

The project will be undertaken by a 30 per cent Sunway owned joint venture with Hoi Hup Realty and S. C. Wong.

To fund the project, Sunway intends to leverage on proceeds from the recently announced monetisation of its 30 per cent equity interest in Hoi Hup Sunway Novena (HHSN), which amounts to S$39.9 million. This monetisation is expected to be completed on June 30.

The disposal marks Sunway's exit from HHSN, one of the many joint venture projects between Sunway and Hoi Hup Realty. It was set up in 2012 to undertake the Royal Square at Novena development, which was completed last July.

Sunway has not cut ties with the Royal Square. It has retained a floor of medical suites, some 8,500 sq ft of space, for its plans to set up Sunway Medical's first presence in Singapore.

Another one of the two companies' projects is Hoi Hup Sunway Sengkang Rivercove Residences, which comprises 628 executive condominium units across 10 blocks, each 16 storeys high, in Anchorvale Lane.

Launched on April 14, the riverside development is already 98 per cent sold.