Sunway buys Hongkong Land’s MCL Land for RM2.42bil

From left: Sunway Group executive deputy chair Sarena Cheah, Sunway Property managing director Chung Soo Kiong, Sunway Group founder and chairman Tan Sri Jeffrey Cheah, Hongkong Land chief executive Michael Smith and Hongkong Land executive director & general counsel John Simpkins.

PETALING JAYA: Sunway Bhd has sealed its largest-ever acquisition with a RM2.42bil deal to acquire Hongkong Land’s Singapore and Malaysian residential development arm, MCL Land, the deal representing a major milestone in Sunway’s strategy to expand its regional property footprint.

The transaction, valued at up to S$738.7mil, will be executed through Sunway Labuan Investment Ltd, a wholly owned subsidiary of Sunway City Sdn Bhd, the latter itself a full unit of Sunway.