(Reuters) -Singapore-based property developer Sing Holdings said on Thursday that it has submitted a joint tender bid of S$623.9 million ($486.4 million) alongside Sunway Developments for a second land parcel at Chuan Grove.
The company said its unit, Sing Holdings Residential, and Sunway Developments will form a joint venture if it gets the tender for building a residential development that would span a gross floor area of nearly 43,543 square metres.
Sing Holdings Residential will hold a 65% stake in the joint venture, while Sunway Developments will hold the other 35%.
Sunway Developments is a Singapore-incorporated entity of Malaysian conglomerate Sunway Bhd.
The project would be funded internally and through bank borrowings, Sing added.
($1 = 1.2827 Singapore dollars)
(Reporting by Nichiket Sunil in Bengaluru; Editing by Shailesh Kuber)
