PETALING JAYA: Sunway Bhd has secured a bond facility of S$200mil (RM616.66mil) from Berkshire Hathaway Specialty Insurance (BHSI) for its residential development project with Singapore developer Hoi Hup Realty Pte Ltd located in Tanjong Katong, Singapore.

       In a filing with Bursa Malaysia yesterday, Sunway said BHSI will issue a qualifying certificate bond of S$37.10mil (RM114.39mil), which is 10% of the price of the land acquired by Sunway’s associate company Hoi Hup Sunway Kent Ridge Pte Ltd (HHSKR).

       The bond is to guarantee the performance of HHSKR to complete the project within five years from the date of purchase and to sell all residential units within two years after the issuance of temporary occupancy permit.

       “This is in accordance with the Residential Property Act of Singapore, which requires all foreign persons including all companies to seek the prior approval of Singapore Land Authority to acquire and retain restricted residential properties in Singapore,” Sunway said.