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Sunway’s JV unit wins tender to buy land in China

KUALA LUMPUR, Sunway Bhd’s 60 per cent owned joint venture unit, Tianjin Eco-City Sunway Property Development Co Ltd, has secured a tender to acquire a 2.8 hectare land in Tianjin, China for RM257.78 million.

The land, known as the Sino-Singapore Tianjin Eco-City Plot 30c, belongs to Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd, the group said in a filing with Bursa Malaysia today.

Sunway’s unit plans to undertake a residential development on the land, called Sunway Garden Phase 3 which comprises seven blocks of condominiums.

It said the proposed development is expected to commerce in May 2020 and targeted for completion by May 2023.

The project is also expected to contribute positively to the group’s earnings from the financial year 2023 onwards.

Tianjin Eco-City Sunway is a joint venture unit of Sunway City (S’pore) Pte Ltd, which in turn is a subsidiary of Sunway, and its principal activity is property development.

Source: BERNAMA (News Agency)

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