PETALING JAYA: Sunway Bhd’s 60%-owned joint venture company Tianjin Eco-City Sunway Property Development Co Ltd has won a tender to acquire a land in Tianjin, China, for 438 million renminbi (RM257.78 million).
The 27,712.50 sqm plot of land, known as Sino-Singapore Tianjin Eco-City Plot 30c, is acquired from Sino-Singapore Tianjin Eco-City Investment and Development Co Ltd.
Tianjin Eco-City Sunway will undertake a residential develop-ment known as Sunway Garden Phase 3 which consists of seven blocks of condominiums on the land.
The proposed development is expected to commence in May 2020 and targeted to be completed by May 2023. It is expected to contribute positively to the earnings of Sunway group from the financial year 2023 onwards.
Tianjin Eco-City Sunway is a 60%-owned joint venture company of Sunway City (S’pore) Pte Ltd, which in turn is a subsidiary of Sunway. Its principal activity is property development.