A joint venture between Hoi Hup Realty and Sunway Developments was able to purchase two freehold sites on The Continuum Condo for the price of $815 million. These sites are located in the prestigious District 15 in the east of Singapore and are situated between Haig Road and Tanjong Katong Road. Since the round of property cooling measures that took place in July 2018, when the government increased Additional Buyer’s Stamp Duty (ABSD) rates and tightened Loan-to-Value restrictions, this transaction is the biggest residential land sale that has taken place. The developer and its long-term joint venture partner, Sunway Developments, plan to rebuild the sites into two premium high-rise condos with a combined total of more than 800 residential units.
Hoi Hup Realty
Hoi Hup Realty Pte Ltd is a well-known property developer in Singapore, and the company is dedicated to the creation of living spaces that are exceptional in terms of quality, comfort, utility, and style. Numerous honours have been bestowed upon it, such as the 5CA Quality Excellence Award – Quality Champion (Platinum) in 2018 and 2019 and the 5CI Asia Top 10 Developers Award in 2017, 2018, and 2019. Ki Residences at Brookvale and Parc Central Residences are both forthcoming developments that are being developed.
Sunway Developments
Sunway Developments Pte Ltd, which is the property division of Sunway Business and is part of a renowned property-construction group that is listed on Bursa Securities in Singapore, is a subsidiary of Sunway Group. It has a wealth of expertise in the areas of both residential and non-residential property management and development, including retail, leisure, healthcare, hospitality, and other types of commercial assets.
