(from left) Sarena, Chung, Jeffrey, Smith and Simpkins at the signing ceremony.
KUALA LUMPUR: Sunway Group today announced a RM2.42bil deal with Hongkong Land Holdings Limited 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 RM3.95bil since July 2025.
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.
The agreement was signed between Sunway Group executive deputy chair Datin Paduka Sarena Cheah, managing director Chung Soo Kiong, Hongkong Land chief executive Michael Smith and executive director and general counsel John Simpkins. Also present was Sunway Group founder Tan Seri Jeffrey Cheah.
“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,” said Sarena.
“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,” added Smith.
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