Malaysian conglomerate Sunway Holdings will launch another property project in Singapore next week, with a gross development value (GDV) of approximately RM1.1 billion.
Yau Kok Seng, Sunway’s managing director, said the 1.92-hectare project, known as Vacanza @ East, will be situated in a freehold site at Jalan Senang in District 14 near the Pan Island Expressway.
“We expect good response for the project,” said Mr. Yau after signing a JV agreement with Dasa Group of Sri Lanka.
Vacanza @ East, which is the company’s third property project in Singapore, will comprise eight blocks of 12-storey buildings which will yield up to 500 residential units.
Sunway Holdings will also release another project in Singapore next year, with a GDV of nearly S$370 million. It will comprise 17 blocks of a five-storey residential project.
Meanwhile, a RM250-million JV agreement between Sunway and Dasa Group was also signed yesterday for a mixed development project in Colombo.
Mr. Yau said the Sri Lanka project is expected to generate a 20 percent profit margin by Q2 next year. He added that the development will include a 34-storey tower yielding 180 residential and 70 commercial units located on mixed-used, prime freehold land.
“The project, sitting on a 0.461-hectare, is located a mere 5 km from the Central Business District of Colombo. It has the potential to generate total saleable area of at least 380,000 sq ft.”