Kenanga Research said the incremental value to its revalued net asset value estimate was minimal, but it remained upbeat on Sunway’s successful bid for another development project in Singapore.for the redevelopment of Flynn Park in Singapore ensures its continued presence in the Singapore property market.
Following the deal, its Singapore based projects now consist of 47% of the group’s remaining gross development value for international projects, which account for 9% of the group’s total development value of RM54bil, said AmInvestment Research. It said Sunway’s recent projects on the island nation have been well-received and with the location of Flynn, it believes demand for its units should be encouraging.
MIDF Research expects that the funding requirement of RM345mil for the en bloc acquisition will have a marginal impact on Sunway since it had a cash pile of RM1.5bil as at the second quarter of financial year 2021.
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