Sunway unit Sunway Developments Pte Ltd plans to jointly acquire a private residential property – Brookvale Park in Singapore – with Hoi Hup Realty Pte Ltd. Sunway Developments is a wholly owned subsidiary of Sunway Holdings Sdn Bhd, which is, in turn, a wholly owned subsidiary of Sunway Bhd. Meanwhile, Hoi Hup is a company incorporated in Singapore and its core business is related to real estate development. With an equity interest of 30% in the JV, Sunway Developments’ cost of investment translates to nearly S$70mil (RM210mil). The decline in its property development’s performance was mainly due to lower sales and progress billings from local projects.

Source: The Nation Bangkok February 16, 2018 03:00 UTC