A unit of Sunway Holdings Bhd, Sunway Developments Pte Ltd, has signed a joint-venture agreement with Hoi Hup Realty Pte Ltd to establish Hoi Hup Sunway Property Pte Ltd.
The proposed joint venture will embark on a residential property development project on a freehold land parcel in Singapore.
According to the group, the proposed project is reckoned to produce an estimated RM1.03 billion gross development value.
Sunway will use its internally generated funds and bank borrowings to finance its investment in the joint venture.
Citing the latest projection by Credit Suisse, the group said the outlook for the property segment must continue to recover substantially.