Property
Sunway strengthens overseas position
Joseph Wong | 20 Jul 2018 00:30
Diversified conglomerate Sunway Bhd has made no secret that its property division is expanding its overseas operations in Singapore and China.

But it was not until last month that things got moving when its property division disposed of its 30% equity interest in Hoi HupSunway Novena Pte Ltd (HHSN) for a cash consideration of S$39.9 mil (RM118.6 mil).

This started the ball rolling for its Singapore developments including its land banking activities in the city-state.

The disposal marks the completion of the HHSN project and will enable Sunway to exit and monetise its investment by reinvesting into Singaporean projects, says Sarena Cheah, managing director of Sunway’s property division in Malaysia and Singapore.

“Sunway intends to utilise the proceeds for its new projects, as well as new land bank acquisitions to strengthen its property development presence in Singapore,” she says.

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