MCL Land has five ongoing residential projects in Singapore, targeting the mid-market residential segment, with a gross development value of $2.96 billion with an "encouraging" average take-up rate of 90%.
Jessica Low Jze Tieng of MBSB Research has kept her "neutral" call on Sunway Berhad following news of its acquisition of MCL Land from Hongkong Land for $738.7 million.
"We view the acquisition is positive to Sunway Berhad as it is a significant boost to Sunway Berhad’s presence in Singapore," states Low in her Sept 19 note, where she raised her target price slightly from RM5.06 to RM5.13.
