Sunway City Kuala Lumpur,18 September 2025
Sunway Group (“Sunway”) today announced a RM2.42 billion deal with Hongkong Land Holdings Limited (“Hongkong Land”) to acquire the latter’s Singaporean and Malaysian residential development business MCL Land.
This transaction marks Sunway’s largest deal to date, lifting Sunway’s Singapore investment to RM3.95 billion since July 2025, underscoring the group’s strategic efforts and ambitious plans to expand its regional footprint.
MCL Land was established in 1963 and is a leading residential developer in Singapore and Malaysia, with a strong track record of quality residential projects.
Following the announcement, Sunway 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 MCL Land’s ongoing development projects will continue, providing Sunway with immediate earnings visibility from ongoing MCL Land projects, boosting its unbilled sales in the city-state from RM2 billion to almost RM6 billion.
The agreement was signed between Sunway Group Executive Deputy Chair Datin Paduka Sarena Cheah, Sunway Property Managing Director Chung Soo Kiong, Hongkong Land Chief Executive, Michael Smith and Hongkong Land Executive Director & General Counsel, John Simpkins. The ceremony was witnessed by Sunway Group Founder and Chairman Tan Sri Sir Dr. Jeffrey Cheah KBE AO.
Sunway Group Executive Deputy Chairman Datin Paduka Sarena Cheah said, “This acquisition marks a decisive expansion of our footprint in one of Asia’s most competitive property markets. Our recent investments, including the Chuan Grove sites, underscore our confidence in Singapore’s long-term fundamentals and our commitment to scale with purpose.”
Datin Paduka Sarena added, “By integrating MCL Land’s deep market expertise with Sunway’s track record in sustainable, mixed-use developments, we are building a robust platform to accelerate growth, not only in Singapore but across key regional markets. This is not just a transaction; it’s a strategic alignment that positions us to shape the future of integrated development and urban living in Southeast Asia.”
Commenting on the announcement, Michael Smith, Hongkong Land Chief Executive, 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 thirty years, with a strong brand known for quality and a robust residential development pipeline. With the backing of Sunway Group, MCL Land’s seasoned team will continue delivering exceptional homes for people and communities across Singapore and Malaysia.”
Through this agreement, Sunway gains immediate access to a diversified pipeline of developments in Singapore that enable the Group to participate in several projects at historical land costs, lowering execution risks compared to new land tenders.
The agreement also enhances Sunway’s recurring income via Wangsa Walk Mall in Malaysia (99% occupancy as of 30 June 2025 with a projected NPI yield of 6.4%), underpinned by stable occupancy and asset enhancement opportunities.
In addition, MCL Land’s landbank in Wangsa Maju and the Forest Heights township in Seremban, Malaysia, complement Sunway’s expertise as a master community developer.
From a financial perspective, the combined portfolio provides immediate profit contribution from ongoing MCL Land projects, five of which are based in Singapore, comprising approximately 2,700 development units worth some SGD 2.9 billion in GDV, and another three in Malaysia, including Wangsa Walk Mall (NLA 330,000 sq ft) and development landbanks in Wangsa Maju and Forest Heights, Seremban.
The completion of the agreement is subject to standard closing conditions. This
transaction is expected to close before the end of 2025.
