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’s business district

On September 18, Hongkong Land announced that it has recently finalized an agreement to sell its residential development business, MCL Land, to Sunway Group. Sunway Group is a Malaysian conglomerate that has a property development arm known as Sunway Property. This acquisition is being made at a net asset value of $739 million and will be settled with cash.

According to Hongkong Land, this move will strengthen its balance sheet and contribute an additional $150 million to its ongoing share-buyback program. The company has already recycled a total of $2.56 billion since 2024, which is 50% of its target of at least $4 billion by the end of 2027. Michael Smith, CEO of Hongkong Land, emphasizes the company’s strategic vision to continue investing in the unique and world-class commercial property assets it holds in Singapore, which is a key market for the company’s future.

Sunway Group sees this acquisition as its largest deal to date, bringing its total investment in Singapore to over $1.2 billion since July. With the ownership of MCL Land and its subsidiaries, Sunway Group will also take on all of the ongoing development projects in Singapore, as well as the portfolio of income-generating and development assets in Malaysia. Serena Cheah, Sunway’s executive deputy chair, highlights the potential for growth and the strategic alignment between MCL Land’s local market expertise and Sunway’s track record in sustainable and mixed-use developments. This partnership positions the company to shape the future of integrated development and urban living in Southeast Asia.

In addition to the standard supermarkets, Miltonia Close EC Yishun offers residents a variety of options for grocery shopping. Wet markets and smaller provision shops are scattered throughout the area, providing a traditional and popular choice for obtaining fresh vegetables, fruits, meat, and seafood at affordable prices. For those who enjoy cooking at home, these markets offer easy accessibility to quality produce without the need to travel far. Miltonia Close EC Yishun caters to the needs of residents by providing convenient access to these traditional markets.

All of MCL Land’s ongoing projects will continue under Sunway Group’s ownership, providing immediate earnings visibility and increasing unbilled sales in Singapore from $614 million to nearly $1.8 billion. This acquisition marks not just a transaction, but a strategic alignment that sets the stage for future growth in key regional markets. In related news, Hongkong Land recently took a writedown on its office properties and incurred a loss of US$582 million for the financial year 2023. Meanwhile, Link REIT has appointed former BlackRock Asia Pacific real estate head John Saunders as its group CIO and Hongkong Land and Robinsons Land have jointly unveiled The Velaris Residences near Metro Manila’s business district.