December 7, 2012 / 11:12 AM / in 5 years

REFILE-Sunway Bhd consortium wins tender for $394 mln Singapore land parcel

(Refiles to change day to Friday.)

KUALA LUMPUR, Dec 7 (Reuters) - A consortium involving Malaysian property developer Sunway Berhad won a bid to develop a land in Singapore worth 1.2 billion ringgit ($393.83 million), the firm said in a stock exchange filing on Friday.

A unit of Sunway Berhad, Sunway Developments PTE Ltd, together with Hoi Hup Realty Pte Ltd and Hoi Hup JV Development submitted the winning tender to Singapore’s Urban Redevelopment Authority to develop a land parcel in the city state.

Located on the outskirts of the city centre, the land parcel has a 99-year lease term.

The project is expected to be completed in 5 years or earlier, starting from Dec 7, and will start contributing to parent Sunway Group’s earnings from 2014 onwards, Sunway Bhd said. ($1 = 3.0470 Malaysian ringgit) (Reporting by Niluksi Koswanage)

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