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.
Sunway Group is paying $738.7 million in a deal to buy Hongkong Land’s Singaporean and Malaysian residential development business, MCL Land.
This marks the Malaysian conglomerate’s largest deal to date, and will lift its Singapore investment to more than $1.2 billion since July. Property transactions are common, but deals involving entire property companies are rare.
