Billionaire Jeffrey Cheah’s Sunway MCL, Partner Offer Top Bid Of $581 Million For Prime Singapore Site
Key takeaways
- The partners offered S$751 million ($581 million) for a 99-year leasehold residential site at River Valley Green, near the Orchard Road shopping precinct and the Singapore central business district.
- “The optimism is supported by robust sales in earlier launches,” Tricia Song, head of research for Singapore and Southeast Asia at CBRE said in a research note.
- Other projects in the same vicinity have done well, data compiled by CBRE showed.
Jeffrey Cheah, founder and executive chairman of Sunway.Ian Teh for Forbes Asia Sunway MCL—the Singapore-based developer controlled by Malaysian billionaire Jeffrey Cheah—and its partner China’s CSC Land Group placed the highest bid for a prime residential site near the city-state’s main shopping district, amid booming property demand in one of the world’s most expensive real estate markets.
The partners offered S$751 million ($581 million) for a 99-year leasehold residential site at River Valley Green, near the Orchard Road shopping precinct and the Singapore central business district. The bid for the 123,957 square feet (11,516 square-meter) site, equivalent to S$1,730 per square foot per plot ratio, is about 22% premium to the price paid by Malaysian billionaire Quek Leng Chan’s Guocoland in February 2025 for an adjacent plot.
“The optimism is supported by robust sales in earlier launches,” Tricia Song, head of research for Singapore and Southeast Asia at CBRE said in a research note. Since Guocoland started marketing the 455-unit River Modern residential condominium in March this year, about 93% of the project has been sold, according to CBRE.