Sunway said the land parcel was awarded by the Housing and Development Board of Singapore for a 99-year lease term executive condominium housing development.

“Hoi Hup and SDPL will incorporate a joint venture, in which Hoi Hup and SDPL will have an equity interest in the proportion of 65:35 at a later date, to undertake the development of the land,” it said in a filing with Bursa Malaysia today.

The project is expected to be completed within 60 months or earlier from its starting date of Feb 14, 2024.

It said the project is anticipated to contribute positively to the earnings of the group in the financial year ending Dec 31, 2028, onward.

SDPL is a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, which in turn is a wholly-owned subsidiary of Sunway, while Hoi Hup is a real estate development company incorporated in Singapore.

As at 2.57pm, Sunway’s share price was up by 2 sen or 0.74% at RM2.72, giving it a market capitalisation of RM15.03 billion.