This time it will be on Sandy Island, covering 13,512 sq m. The development will be undertaken by a 70:30 joint-venture company to be incorporated.

The project will involve development of up to 19 bungalows, each with its own private berth.

This is the second en-bloc sale of land that YTL and LP World have been jointly awarded in Singapore.

The first, the Lakefront Collection land parcel in Sentosa Cove, was awarded in September last year.

“This is a great opportunity for the group to showcase its capability in creating another iconic residential development,” YTL Corp group managing director Tan Sri Francis Yeoh said in a statement.

LP World managing director Dr Derek Wong, meanwhile, said the project will be a landmark luxury lifestyle development.

“The concept will not be replicated, so it will be a once-in-a-lifetime opportunity for home owners,” he added.

The Lakefront Collection, the first business venture between YTL and LP World in Singapore, is planned to be a luxurious waterfront villa development.

YTL is one of the largest companies listed on Bursa Malaysia, and together with its four listed subsidiaries has a combined market capitalisation of almost RM28.5 billion.

The company was listed in 1985.

It also has a secondary listing on the Tokyo Stock Exchange.