Sunway Targets Singapore Property Market with MCL Land Acquisition

Sunway Group, led by Malaysian billionaire Jeffrey Cheah, is set to acquire Singaporean developer MCL Land from Hongkong Land Holdings for S$739 million (approximately $578 million). This acquisition signifies a substantial expansion of Sunway's presence in the Singapore property market, which has demonstrated strong residential sales recently, even amidst existing property restrictions. This strategic move is aligned with Sunway's broader objective to increase its investments within Singapore. The company, in collaboration with a partner, recently secured a residential site in Chuan Grove with plans for an integrated development. Sunway stated that the acquisition of MCL Land will establish a strong foundation for accelerating growth not only in Singapore but also in other key regional markets. For Hongkong Land, this divestment enables a sharper focus on its portfolio and allows for the redeployment of capital towards its primary business of developing and managing premium commercial properties. The transaction is anticipated to conclude by year-end, contingent upon the fulfillment of customary conditions.