[SINGAPORE] Sunway MCL is stepping up its residential game in Singapore, moving ahead with decisive bids for plum plots as it looks to stock up its pipeline and expand in the market.
The push comes less than a year after Malaysian giant Sunway Group completed its S$738.7 million acquisition of MCL Land from Jardine Matheson’s real estate arm Hongkong Land, which gave the Kuala Lumpur-listed group an established platform, a pipeline of projects and a local team in Singapore.
Since then, Sunway MCL has stepped up its pursuit of new development opportunities, joining forces with other developers on several bids as it seeks a landbank.
In June, it teamed up with Chinese-backed CSC Land Group to bid S$750.6 million for a parcel in River Valley Green, outbidding three other parties with its S$1,730 per square foot per plot ratio (psf ppr) offer, a new high for land in the River Valley precinct. The 99-year leasehold site is expected to yield about 470 homes.
Just a week earlier, Sunway MCL and CSC Land had also bid for a prime Peck Hay Road site, but their S$500.2 million (S$1,720 psf ppr) bid was outdone by a City Developments Ltd-led group.
While Sunway MCL has come on strong in the race for prime Core Central Region (CCR) projects, CEO Lee Tong Voon said that the company is not focused on any particular market segment, but will pursue sites where the location, demand and potential for long-term value make sense.
“I wouldn’t say that we are specifically trying to move upmarket. It’s more about the opportunities that are available to us,” he told The Business Times in an e-mail interview.
The recent bids have put Sunway MCL alongside some of Singapore’s biggest developers in the hunt for sites in established residential locations.
In July, Sunway MCL was part of a consortium led by Frasers Property that won a Bayshore Drive mixed-use site for S$2.13 billion, or about S$1,323 psf ppr. The 5.75-hectare site will yield a mega project with up to 1,280 homes and 22,500 square metres of commercial space.
No rush upmarket
“We will continue to look at opportunities across Singapore,” said Lee, noting that some of the sites the company had considered, including the ones in River Valley Green and Peck Hay Road, are all “good locations with strong fundamentals”.
Sunway MCL also sees if a site fits its existing portfolio and whether it can create a differentiated product, the CEO added.
Also on its radar besides the government land sales (GLS) programme are collective sales, strategic acquisitions and redevelopment sites, as it looks to add to its development pipeline.
Lee expects Singapore’s residential market to remain supported by the country’s position as a global business and wealth management hub. The limited release of land through the GLS programme each year should also help keep supply “measured and controlled”, he said.
At the same time, buyers are more selective, paying closer attention to location, development quality and whether the product meets their needs.
“For the CCR segment, we continue to see good demand, but developers also need to remain disciplined,” Lee noted. “It’s not just about having a project in a prime location; you have to get the product and pricing right.”
MCL Land has a long history in Singapore. First incorporated as Malayan Credit Ltd and listed in 1967, it was listed on the Singapore Exchange until February 2011 when parent Hongkong Land took it private. Hongkong Land sold it to Sunway Group in late 2025.
Boost in unbilled sales
Sunway’s acquisition of MCL Land brought with it an established pipeline of ongoing development projects, giving immediate earnings visibility and boosting its unbilled sales in Singapore by more than S$1 billion, it noted in a press statement last year.
The group’s 2025 annual report showed that property unbilled sales trebled to a record RM9.5 billion (US$2.4 billion) as at December 2025, with Sunway MCL accounting for 44 per cent.
In the first quarter of 2026, Sunway’s property development segment recorded revenue of RM653.6 million, more than double the figure in the year-ago period. Meanwhile, its profit before tax rose to RM102.2 million from RM33.4 million.
In filings with Bursa Malaysia, the company said that the improvement was partly supported by contributions from the newly acquired MCL Group.
Lee pointed out that the integration of the Singapore developer had progressed smoothly, with MCL Land’s longstanding local knowledge and experience complemented by the wider group’s capabilities and experience.
“MCL Land has been in Singapore for many years, so there is a wealth of local knowledge and experience within the team,” he noted. “At the same time, we now have the wider Sunway platform behind us, allowing us to bring in capabilities and experience from the broader group where it makes sense.”
As at August, Sunway MCL has seven ongoing projects and three upcoming projects totalling about 6,710 residential units and an attributable gross development value of about S$6.5 billion. Its portfolio includes projects such as Nava Grove, Tembusu Grand, Parc Esta and The Continuum.
One upcoming project is Chuan Grove, a joint venture with Sing Holdings that will amalgamate two adjacent GLS parcels into a single development of about 1,056 units.
Lee said that the project is targeted for launch in early 2027, subject to approvals. “For a project of this size, we think there is an opportunity to create a unique residential community rather than just another condominium development.”
Looking ahead, Sunway MCL plans to remain active in Singapore’s land market, with a target of securing “a few land parcels every year”, either on its own or through joint ventures.
Residential development will remain Sunway MCL’s main focus in Singapore, although Lee noted that the company is open to opportunities in sectors such as retail, hospitality and healthcare if suitable projects arise.
Sunway Group is well known for its integrated developments in Malaysia, bringing residential, retail, leisure, healthcare and other uses together within large-scale townships.
But Lee explained that any such approach in Singapore would have to be adapted to the city-state’s land constraints and planning environment.
“If the right opportunity comes along where we can bring residential, retail, lifestyle or other uses together in a meaningful way, we would certainly look at it,” he added. “But it has to make sense for the site and for Singapore. We don’t want to force a model just for the sake of it.”
