In a filing with Bursa Malaysia today, the group said the land has been acquired Gemini Residential Pte Ltd and Gemini Trustee Pte Ltd, which are Sunway joint ventures in which the conglomerate holds a 30% stake, according to Malaysia state-owned newspaper Named.
The land carries a 99-year leasehold tenure, is designated for a mixed-use residential and commercial development.
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The Bayshore Drive site (orange) as seen on Urban Redevelopment Authority’s map. Photo from URA’s website |
The parcel is the second government land sales site in the upscale Bayshore precinct, which is a new waterfront neighborhood planned to feature around 10,000 new homes. It is also the only mixed-use plot in the precinct under the URA’s Master Plan 2025, according to The Business Times.
The proposed project is expected to contribute positively to Sunway Group’s earnings from the financial year ending Dec. 31, 2029 onward.
“The project is subject to usual risks associated with property development and construction, including fluctuations in raw material prices, interest rate movements and gyrations in the property cycle,” Sunway said.
“However, these risks can be mitigated by the Sunway Group’s and the joint venture partners’ experience and track record in property development,” it added.
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Jeffrey Cheah, founder and chairman of Sunway Group. Photo from the company’s website |
Sunway’s businesses span property, construction, hospitality, retail, leisure, education, trading and manufacturing, quarrying, building materials, and real estate investment trusts.
Jeffrey Cheah is the fifth richest Malaysian with a net worth of $5 billion, according to Forbes.
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