Sunway doubles down in Singapore with RM2.4b acquisition of MCL—analysts
Sunway, via its fully-owned subsidiary Sunway Labuan Investment, signed an agreement to buy MCL for S$738.
Sunway, via its fully-owned subsidiary Sunway Labuan Investment, signed an agreement to buy MCL for S$738.
In a filing with Bursa Malaysia, Gamuda said the provisional tender result was announced by Singapore’s Housing and Development Board (HDB) after the tender closed on Thursday.
The win is the second by the 35:65 joint venture of Sunway and Sing Holdings in Chuan Grove, coming on the heels of its acquisition of an adjacent parcel measuring 3.
The residence is positioned to serve medical tourists, wellness travellers and corporate guests, particularly from regional markets such as Malaysia, Indonesia, Thailand and China.
Some prospective investors have made multiple visits and are exploring setting up integrated operations through the recently established Iskandar Malaysia Facilitation Centre, according to the Iskandar Regional Development Authority (IRDA).
Constructed and designed by Singaporean developer Meir Homes, the now-completed 2-storey GCB has an approximate floor area of 29,665 sq ft, with a 25m swimming pool and an 18-seat theatre, amongst other features.
ANZ cited the one-stop investment centre in Johor, which aims to establish 50 high-value projects and create 20,000 skilled jobs in the JS-SEZ within five years of inception.
Knight Frank executive director Amy Wong Siew Fong: "SME (small and medium enterprise) players and multinational corporations in Singapore are still awaiting clear incentives before making any commitments.
IIB president and chief executive officer Datuk Idzham Mohd Hashim said strategic investments, infrastructure enhancement, and sustainability are at the core of this initiative.
To support the JS-SEZ, the government has announced incentives, including a special corporate tax rate, to lure investors to set up shop in the zone that stretches from Kulai and part of Pontian to Pengerang.