Sunway Group to buy MCL Land for S$739M from Hongkong Land Holdings

SINGAPORE: Malaysian conglomerate Sunway Group, led by billionaire Jeffrey Cheah, is buying Singapore developer MCL Land from Hongkong Land Holdings for S$739 million, Forbes reported.

The move is a “decisive expansion” into one of Asia’s most competitive property markets, executive deputy chairman Sarena Cheah, daughter of Mr Cheah, said in a statement.

Sunway has been increasing its investments in Singapore. Last month, the company and Singaporean partner Sing Holdings placed the highest bid of S$623.9 million for a second residential site at Chuan Grove. The two sites are planned to be integrated into a single development of 1,055 units across five 27-storey residential towers.

Ms Sarena said the MCL Land deal will help Sunway accelerate growth in Singapore as well as across regional markets. The transaction is expected to close by year-end, pending approvals.

Meanwhile, Michael Smith, chief executive of Hongkong Land, said the sale will help sharpen the group’s portfolio focus and recycle capital into its core business of developing and managing ultra-premium integrated commercial properties in Asian gateway cities. /TISG

Read also: Singapore’s co-living sector set to grow as more international students drive demand

Featured image by Depositphotos (for illustration purposes only)