Singapore's Sing Holdings, Sunway Developments bid $486 million for Chuan Grove land

Reuters

09/04

Singapore's Sing Holdings, Sunway Developments bid $486 million for Chuan Grove land

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)

(Reporting by Nichiket Sunil in Bengaluru; Editing by Shailesh Kuber)

((Nichiket.Sunil@thomsonreuters.com;))

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