Sunway MCL, CSC Land Offer Record $581 Million Bid for Prime Singapore Site

Sunway MCL, the property developer controlled by Malaysian billionaire Jeffrey Cheah, and its Chinese partner CSC Land Group, have submitted the highest bid of S$751 million (approximately US$581 million) for a prime residential site near Singapore's main shopping district. This development underscores Sunway's accelerated investment drive in the region, amid booming property demand in Singapore, one of the world's most expensive real estate markets.

The bid for the 99-year leasehold residential site at River Valley Green, spanning 11,516 square meters (123,957 square feet), translates to S$1,730 per square foot per plot ratio (psf ppr). This figure represents a premium of approximately 22% compared to the price paid by Malaysian billionaire Quek Leng Chan's Guocoland for an adjacent plot in February 2025. The tender attracted four bids, with Sunway MCL and CSC Land Group's offer being about 4.15% higher than the second-highest bid from China Overseas Land & Investment (COLI).

Should the bid be awarded, Sunway MCL and CSC Land Group plan to develop a premium high-rise residential project comprising over 500 units across two 36-storey towers on the site. This parcel stands out as the last residential plot to be auctioned by the government in the area, strategically located near the Orchard Road shopping precinct and Singapore's central business district. Tricia Song, Head of Research for Singapore and Southeast Asia at CBRE, noted that robust sales in earlier launches have supported optimism in the market.

Sunway has significantly ramped up its investments in Singapore in recent years. In September 2025, it acquired MCL Land from Hongkong Land for S$739 million, strengthening its presence in the city-state and subsequently rebranding MCL Land as Sunway MCL. The company also recently submitted the second-highest bid for a residential site at Peck Hay Road. These strategic acquisitions and active participation in new land tenders highlight Sunway's view of Singapore as a key pillar in its regional growth strategy.

Market analysts indicate that the bid for the River Valley Green site sets a new benchmark for land rates in the area, surpassing the previous record by 21.8%. Wong Siew Ying, Head of Research and Content at PropNex, stated that the tight bid spread among bidders suggests a market consensus on the site's valuation, buying demand, and potential selling prices. This reflects strong confidence in Singapore's residential market and optimistic future price expectations.

Looking ahead, Sunway MCL and CSC Land are expected to further solidify their positions in Singapore's luxury residential segment with this project. The high sales rates and strong demand seen in existing residential projects in the vicinity suggest that this new development could achieve similar success. Analysts anticipate that the appeal of the River Valley Green area will persist, driven by its excellent connectivity and proximity to lifestyle amenities, ensuring continued developer interest in such premium locations.