SINGAPORE: Sunway Group has rebranded MCL Land as Sunway MCL after acquiring the company for S$738.7 million, the Malaysian property developer said in a press release on Monday (Nov 3).
Former MCL Land COO Lee Tong Voon has been appointed as CEO of Sunway MCL.
Sarena Cheah, executive deputy chair of Sunway Group, who described the deal last month as a “decisive expansion” into one of Asia’s most competitive property markets, said, “The establishment of Sunway MCL marks an important milestone in Sunway’s growth journey. Singapore has always been a key market for us, and this step reinforces our long-term commitment to building sustainable communities that create lasting value.”
The acquisition includes MCL Land’s Malaysian assets, such as development landbanks in Wangsa Maju and the Forest Heights township in Seremban, along with Wangsa Walk Mall in Kuala Lumpur.
Ms Cheah also told The Business Times that the group intends to take a “more active” approach post-acquisition and will continue to watch and bid for land tenders.
Although Sunway is open to developing projects on its own, Ms Cheah noted that most projects in Singapore tend to be joint ventures due to their scale. She expects such partnerships to continue, with more potential collaborators emerging after the MCL acquisition. /TISG
