Maybank Investment Bank Research has maintained its "Buy" recommendation and target price for Sunway Holdings Bhd (4308) after the property developer was awarded a tender to develop a land in Singapore on a joint-venture basis."A fourth property development at Miltonia Close provides continuity to profit contribution from Singapore beyond the about-to-be-launched Jln Senang project. At S$165 million (RM382.8 million) land cost, we estimate at least S$345 million (RM800.4 million) in gross sales value. We await further details," said the research house in its report.
This week, Sunway announced that the Housing and Development Board of Singapore had awarded the tender for the lease of State Land Parcel Yishun S5b located at Miltonia Close for a 99-year lease term at S$165 million, which was jointly submitted by Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd.
This is Sunway's fouth property development in Singapore, all in partnership with Hoi Hup. Hoi Hup-Sunway's bid was the highest among seven bids, according to Singapore HDB. it was 31 per cent higher than the second highest bid of S$126 million (RM292.32 million).
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