Sunway to take ‘more active’ approach in Singapore property after MCL Land acquisition
The S$738.7 million deal marks the group’s biggest overseas investment and will anchor its regional growth strategy
[KUALA LUMPUR] Sunway Group will take a more active role in Singapore’s property market following its acquisition of Hongkong Land’s MCL Land, strengthening its foothold in the city-state.
Explaining the move, executive deputy chair Sarena Cheah said the conglomerate has historically taken a more passive approach in Singapore, partnering local developers such as Hoi Hup and Sing Holdings.
“Post-acquisition, we will continue to watch and bid for land tenders – not much different from what we’ve been doing,” she told The Business Times. “The only difference is we’re going to be more active; we will drive the market.”
While the group is open to developing projects independently, Cheah noted that nearly all developments in Singapore are undertaken through joint ventures due to their scale.
Such partnerships will likely continue to be the norm, potentially with more collaborators following the MCL acquisition, she added. “Our existing partnerships are very good and the joint venture approach is a good thing as we are able to learn from each other and take on more projects.”
The conglomerate has been active in bidding for land in Singapore.
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In July, Sunway Developments and Sing Holdings placed the top bid of S$703.6 million, or S$1,376 per square foot per plot ratio (psf ppr), for a Chuan Grove site. The pair later defended their position by securing a second nearby plot in September, placing the top bid of S$623.91 million, or S$1,331 psf ppr.
The joint venture plans to amalgamate both sites to develop a single project comprising 1,055 units across five blocks of up to 27 storeys.
In September 2024, Sunway and Hoi Hup submitted the top offer of S$668.3 million, or S$1,004 psf ppr, for a mixed-use site at Tampines Street 94, pipping five other bidders.
These strategic land acquisitions are complemented by Sunway’s S$738.7 million purchase of MCL Land, further cementing the group’s presence in Singapore and bringing total investments since July 2025 to more than S$1.2 billion. Following the completion of the deal, the group’s Singapore operations will now be known as Sunway MCL.
The Malaysian group assumes 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. The Malaysian assets include development landbanks in Wangsa Maju and Forest Heights township in Seremban, as well as Wangsa Walk Mall that spans 330,000 square feet in net lettable area.
The group noted in a press release on Friday (Oct 31) that Sunway MCL has nine ongoing projects totalling about 4,937 residential units and an attributable gross development value of about S$4.5 billion. It said: “The company will continue to market and deliver all ongoing developments in Singapore – including Elta, Nava Grove, Tembusu Grand and The Continuum – under the Sunway MCL name, reinforcing its position in the city-state’s residential market.”
Sunway MCL operates under the leadership of Chung Soo Kiong, managing director of Sunway Property, while Lee Tong Voon manages the company as its chief executive officer.
On future developments in Singapore, Cheah said the group intends to focus on residential projects initially, although future opportunities may extend to other developments, such as senior living, tapping its expertise and experience as a “master community developer”.
She added that the group will remain flexible and opportunistic in the type of residential projects it pursues and will evaluate opportunities carefully, bidding for projects that align with its strategic and financial goals.
She noted that the residential market in Singapore remains robust. In the first nine months of 2025, some 7,924 new units were sold, exceeding the 6,626 new sale units transacted throughout all of 2024. The latest nine-month tally also bested the 2022 full-year sales of 7,099 and 2023’s 6,421 sales.
Homebuying demand in Singapore has rebounded strongly, supported by low interest rates and a resilient economy, even amid ongoing trade uncertainties and geopolitical tensions.
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