SINGAPORE: Sunway Group has rebranded MCL Land as Sunway MCL after buying the corporate for S$738.7 million, the Malaysian property developer mentioned in a press launch on Monday (Nov 3).
Former MCL Land COO Lee Tong Voon has been appointed as CEO of Sunway MCL.
Sarena Cheah, govt deputy chair of Sunway Group, who described the deal final month as a “decisive growth” into one in all Asia’s best property markets, mentioned, “The institution of Sunway MCL marks an necessary milestone in Sunway’s progress journey. Singapore has all the time been a key marketplace for us, and this step reinforces our long-term dedication to constructing sustainable communities that create lasting worth.”
The acquisition contains MCL Land’s Malaysian property, comparable to growth landbanks in Wangsa Maju and the Forest Heights township in Seremban, together with Wangsa Stroll Mall in Kuala Lumpur.
Ms Cheah additionally advised The Enterprise Instances that the group intends to take a “extra lively” strategy post-acquisition and can proceed to observe and bid for land tenders.
Though Sunway is open to growing tasks by itself, Ms Cheah famous that almost all tasks in Singapore are typically joint ventures resulting from their scale. She expects such partnerships to proceed, with extra potential collaborators rising after the MCL acquisition. /TISG
Learn additionally: Singaporeans and Malaysians working in S’pore amongst early patrons of Sunway Property’s first JB metropolis centre SOHO mission
