16/10/2025

PROPERTY THURSDAY | OCT 16, 2025

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Sunway buys MCL Land from Hong Kong firm for RM2.4b

Armani Hallson KLCC Phase 1 gets AmBank financing support PETALING JAYA: AmBank Group has announced the signing of financing facilities with Armani Hallson KLCC Sdn Bhd, a subsidiary of Armani Group, for the development of Armani Hallson KLCC, a landmark residential project set to redefine luxury living in the heart of Kuala Lumpur City Centre (KLCC). The financing will fund Phase 1 of Armani Hallson KLCC, which was launched in August. Since opening for registration in March, the project has already recorded a 70% take-up rate. With an estimated GDV of RM3 billion, Armani Hallson KLCC represents Armani Group’s most significant project to date within Kuala Lumpur’s Golden Triangle. Occupying a 2.61-acre prime parcel along Jalan Ampang, Armani Hallson KLCC will comprise approximately 2,215 residential units designed to blend modern architecture, sustainable features and premium lifestyle offerings. Enhancing the sense of retreat, the 10th floor unveils a 30,000 sq ft tropical garden where elevated waterfalls, floating tea pavilions, tranquil lagoons and glass walkways come together to form a serene urban oasis. AmBank Group Business Banking managing director Christopher Yap said:“Our partnership with Armani Group underscores AmBank’s strategic commitment to financing property developments that contribute to Malaysia’s urban transformation. Armani Hallson KLCC represents a compelling investment in the future of Kuala Lumpur’s property market, a project defined by scale, ambition and long-term value creation. As a trusted financial partner, we are proud to support visionary developers in delivering landmark assets that elevate the nation’s economic and real estate landscape.” Armani Group executive chairman Datuk Seri Bryan Wong said: “We are honoured to partner with AmBank on the development of Armani Hallson KLCC. Their support reflects a strong vote of confidence in our vision to redefine luxury living and deliver a transformative landmark in the heart of Kuala Lumpur City Centre.”

Malaysian company’s largest transaction to date lifts its Singapore investments to RM3.95 billion PETALING JAYA: Sunway Group recently announced a RM2.42 billion deal with Hongkong Land Holdings Ltd to acquire the latter’s Singaporean and Malaysian residential development business MCL Land. This transaction marks Sunway’s largest deal to date, lifting Sunway’s Singapore investment to RM3.95 billion since July 2025, underscoring the group’s strategic efforts and ambitious plans to expand its regional footprint. MCL Land was established in 1963 and is a residential developer in Singapore and Malaysia, with a strong track record of quality residential projects. Following the announcement, 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. All of MCL Land’s development projects will proceed as planned, giving Sunway immediate earnings visibility and boosting its unbilled sales in Singapore from RM2 billion to nearly RM6 billion. The agreement was signed between Sunway Group executive deputy chair Datin Paduka Sarena Cheah, Sunway Property managing director Chung Soo Kiong, Hongkong Land CEO Michael Smith and Hongkong Land executive director & general counsel John Simpkins. The ceremony was witnessed by Sunway Group founder and chairman Tan Sri Sir Dr Jeffrey Cheah. Sarena Cheah said, “This acquisition marks a decisive expansion of our footprint in one of Asia’s most competitive property markets. Our recent investments, including the Chuan Grove sites, underscore our confidence in Singapore’s long-term fundamentals and our commitment to scale with purpose.”

From left: Sarena Cheah, Chung, Jeffrey Cheah, Smith and Simpkins.

She added, “By integrating MCL Land’s deep market expertise with Sunway’s track record in sustainable, mixed-use develop ments, we are building a robust platform to accelerate growth, not only in Singapore but across key regional markets. This is not just a transaction; it’s a strategic alignment that positions us to shape the future of integrated development and urban living in Southeast Asia.” Meanwhile, Smith said: Since announcing our new strategy last October, we have looked for the right steward for MCL Land and its people. This is a business Hongkong Land has grown for over 30 years, with a strong brand known for quality and a robust residential development pipeline. With the backing of Sunway Group, MCL Land’s seasoned team will continue delivering exceptional homes for people and communities across Singapore and Malaysia.” Through this agreement, Sunway gains immediate access to a diversified pipeline of developments in Singapore that enable the group to participate in several projects at

historical land costs, lowering execution risks compared to new land tenders. The agreement also enhances Sunway’s recurring income via Wangsa Walk Mall in Malaysia (99% occupancy as of June 30 with a projected NPI yield of 6.4%), underpinned by stable occupancy and asset enhancement opportunities. In addition, MCL Land’s landbank in Wangsa Maju and the Forest Heights township in Seremban, complement Sunway’s expertise as a master community developer. From a financial perspective, the combined portfolio provides immediate profit contribution from ongoing MCL Land projects, five of which are based in Singapore, comprising approximately 2,700 development units worth some S$2.9 billion (RM9.5 billion) in GDV, and another three in Malaysia, including Wangsa Walk Mall (NLA 330,000 sq ft) and development landbanks in Wangsa Maju and Forest Heights, Seremban. The completion of the agreement is subject to standard closing conditions. This transaction is expected to close before the end of 2025.

Gamuda Land expands Singapore portfolio with Chencharu Close site win PETALING JAYA: Gamuda Bhd’s property arm Gamuda Land has formally executed the acceptance of the award for a significant land parcel at Chencharu Close, Yishun, Singapore. The win underscores Gamuda Land’s continued partnership with Evia and H108, who bring deep local expertise and proven market knowledge. By combining its regional equity stake ensures a meaningful contribution to group performance, while also reinforcing its QTP strategy in high-demand urban markets.

Gamuda has been active in Singapore since 2015 through both infrastructure and property projects. Its fully sold GEM Residences and OLÁ developments (S$1.35 billion, RM4.4 billion combined GDV) proved its ability to deliver successful residential projects, while contracts such as the Cross Island Line MRT stations and tunnels, and the Gali Batu Multi Storey bus depot underscore its infrastructure credentials. Together with Evia and H108, Gamuda aims to deliver another project that integrates seamlessly into Singapore’s urban fabric by working in close coordination with agencies such as the Land Transport Authority and the Urban Redevelopment Authority. Aligned with Singapore’s Green

The site, which was successfully tendered, carries a consideration of S$1.01 billion (RM3.3 billion) and was secured through a joint bid by Gamuda (Singapore) Pte Ltd (50% stake), Evia MCS Pte Ltd (30%), and H108 Pte Ltd (20%). The project will deliver a mixed use development comprising up to 875 residential units and 12,600 sqm of commercial space, anchored by community facilities such as a hawker centre and bus interchange. Strategically located within the mature northern corridor at Yishun, the precinct is projected to yield 10,000 new homes by 2040, ensuring long-term housing demand.

Banking & Finance strengthen group sale performance in the coming years, providing both revenue visibility and earnings diversification. Gamuda Land’s 50% development capabilities with the partners’ insights, Gamuda Land is well-positioned to deliver a project that resonates strongly with Singapore homebuyers while enhancing community vibrancy in Yishun. With Singapore’s strong property take-up rates and limited land supply, the Chencharu Close development is expected to be a key contributor to the group’s property division sales. The Chencharu Close development is expected to

Joint venture to deliver 875 homes, retail space, hawker centre and bus interchange, strengthening Gamuda Land’s long-term growth outlook. - GAMUDA LAND WEBSITE

Plan 2030, the project will target BCA Green Mark Rating of Green Mark Platinum Super Low Energy,

Gamuda’s ESG commitments and its philosophy of creating communities that stand the test of time.

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