The Board of Directors of Sunway is pleased to announce that the Urban Redevelopment Authority of Singapore had on 17 July 2025, awarded a parcel of land measuring approximately 15,831.5 square metres at Chuan Grove, Singapore (“Land”) for a 99-year lease term for a residential development at S$703.6 million (equivalent to approximately RM2.33 billion) to Sing Holdings Residential Pte. Ltd. (“SHRPL”) and Sunway Developments Pte Ltd (“SDPL”), following a successful tender for the Land jointly submitted by the parties.

SHRPL and SDPL will incorporate a joint venture company, in which SHRPL and SDPL shall have equity interest in the proportion of 65:35 at a later date, to undertake the development of the Land ("Proposed Project").

SDPL is a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, which in turn is a wholly-owned subsidiary of Sunway.

SHRPL, a company incorporated in Singapore, is a wholly-owned subsidiary of Sing Holdings Limited which is listed on the Main Board of the Singapore Exchange. The principal activities of SHRPL are those relating to investment holding.

The Proposed Project is expected to contribute positively to the earnings of Sunway Group from the financial year ending 31 December 2026 onwards. 

The Proposed Project is subject to usual property development and construction related risk, including fluctuations in the raw materials prices, interest rate movements and gyrations in the property cycle. However, these risks could be mitigated by SHRPL and SDPL’s experience and track record in property development.

None of the Directors or major shareholders of Sunway or persons connected with them has any interest, whether direct or indirect, in the Proposed Project.

This announcement is dated 17 July 2025.