Hongkong Land to sell residential business MCL Land for $578 million
18/09/2025 11:44
Sept 18 (Reuters) - High-end property developer Hongkong Land HKLD.SI said on Thursday it has agreed to sell its MCL Land residential development business to a member of Malaysian conglomerate Sunway Bhd SWAY.KL for S$739 million ($577.98 million). Hongkong Land intends to use the proceeds from the transaction to increase its share buyback program by an additional $150 million, along with the $200 million announced in April. MCL Land is a residential developer with projects in Singapore and Malaysia. Sunway, in a separate statement, said the acquisition will strengthen its "property development and property investment portfolio in Singapore and Malaysia through income-generating projects and assets that provide near to mid-term earnings visibility." Hongkong Land, controlled by conglomerate Jardine Matheson JARD.SI, said that the divestment would happen by way of a share sale. The sale is part of Hongkong Land's 2035 strategic vision to shift away from the residential build-to-sell segment and focus on ultra-premium commercial properties in major Asian cities, it added. ($1 = 1.2786 Singapore dollars) (Reporting by Shivangi Lahiri in Bengaluru; Editing by Vijay Kishore) ((Shivangi.Lahiri@thomsonreuters.com;))