Sunway to assume ownership of ongoing development projects in Singapore, assets in Malaysia

Real estate group Hongkong Land Holdings will sell its Singapore and Malaysia property arm MCL Land to Malaysia’s Sunway Group for $738.7 million, the companies said on Sept 18.

- 

This transaction marks Sunway’s largest deal to date, lifting the group’s Singapore investment to more than $1.2 billion since July.

In a statement, Sunway said it will assume ownership of MCL Land and its subsidiaries, including ongoing development projects in Singapore, as well as its portfolio of income-generating and development assets in Malaysia.

All of MCL Land’s ongoing development projects will continue, providing Sunway with immediate earnings visibility, Sunway said.

Hongkong Land chief executive Michael Smith said: “Since announcing our new strategy last October, we have looked for the right steward for MCL Land and its people. This is a business Hongkong Land has grown for over 30 years, with a strong brand known for quality and a robust residential development pipeline.

“With the backing of Sunway, MCL Land’s seasoned team will continue delivering exceptional homes for people and communities across Singapore and Malaysia.”

In October 2024, Hongkong Land said it was exiting the residential development business as it pivots towards fund management and focuses on ultra-premium integrated commercial properties in Asia’s gateway cities.