Singapore's Sing Holdings, Sunway Developments bid $486 million for Chuan Grove land
Singapore's Sing Holdings and Sunway Developments have submitted a joint tender bid of S$623.9 million ($486.4 million) for a land parcel at Chuan Grove. If successful, they will form a joint venture for a residential development covering nearly 43,543 square meters, with Sing Holdings Residential holding a 65% stake and Sunway Developments 35%. The project will be financed through internal funds and bank borrowings.
Sept 4 (Reuters) - Singapore-based property developer Sing Holdings (SHDS.SI) said on Thursday that it has submitted a joint tender bid of S$623.9 million ($486.4 million) alongside Sunway Developments for a second land parcel at Chuan Grove.
The company said its unit, Sing Holdings Residential, and Sunway Developments will form a joint venture if it gets the tender for building a residential development that would span a gross floor area of nearly 43,543 square metres.
Sing Holdings Residential will hold a 65% stake in the joint venture, while Sunway Developments will hold the other 35%.
Sunway Developments is a Singapore-incorporated entity of Malaysian conglomerate Sunway Bhd (SWAY.KL) .
The project would be funded internally and through bank borrowings, Sing added. ($1 = 1.2827 Singapore dollars)
