KUALA LUMPUR: Sunway Bhd 's sub-unit has partnered with Singapore real estate developer Hoi Hup Realty Pte Ltd to acquire 22 plots of residential freehold land at Thiam Siew Avenue in Tanjong Katong, Singapore, for S$815mil (RM2.51bil).

       Sunway said in a bourse filing the parties have proposed a joint venture company with 70:30 ownership between Sunway Developments Pte Ltd and Hoi Hup respectively.

       The parties plan to redevelop the property, comprising landed residential units with a total land area of about 263,794 sq ft, into a new private residential development.

       The proposed new development will have an allowed plot ratio of 2.8 times, subject to approval from authorities.

       The property, which is located in Tanjong Katong, currently comprises landed residential units with a total land area of about 263,794 sq ft.

       Sunway Development's cost of investment in the joint venture is estimated to be about S$140mil (RM431.2mil).

       "The Proposed Project is expected to contribute positively to the earnings of Sunway Group from the financial year ending 31 December 2024 onwards.

       "The Proposed Project is subjected to normal development and construction risks. However, with the past track record and expertise of Hoi Hup and SDPL in development and construction of similar project, this risk could be mitigated," said Sunway.