Sunway MCL, a Singapore‑based developer led by Malaysian billionaire Jeffrey Cheah, and its partner China’s CSC Land Group submitted the highest offer for a prime residential site near the city‑state’s central business district, highlighting the continued strength of demand in one of the world’s most expensive real‑estate markets.
The joint bid of S$751 million (about $581 million) covers a 99‑year leasehold on a 123,957‑square‑foot plot at River Valley Green, adjacent to the Orchard Road shopping precinct. The offer equates to roughly S$1,730 per square foot, representing a 22% premium over the price paid by Guocoland—controlled by Quek Leng Chan—for a neighbouring parcel in February 2025.
“The optimism is underpinned by robust sales in early launches,” noted Tricia Song, head of research for Singapore and Southeast Asia at CBRE. Since marketing began in March, CBRE reports that 93% of the 455‑unit River Modern condominium is sold.
Comparable projects in the area are also performing strongly: Wing Tai Holdings’ 524‑unit River Green condominium is 94% sold, City Developments and Mitsui Fudosan’s 706‑unit Zyon Grand is 90% sold, and Allgreen Properties’ 596‑unit Promenade Peak—controlled by Malaysia’s richest man Robert Kuok—is 71% sold.
If awarded, Sunway MCL and CSC plan to develop a premium high‑rise residential project featuring over 500 units across two 36‑storey towers. The site is the final parcel for auction by the government in the area.
Jeffrey Cheah, founder and executive chairman of Sunway.
Ian Teh for Forbes Asia
Lee Tong Voon, CEO of Sunway MCL, highlighted the development’s potential to introduce a new residential precinct in one of Singapore’s most established neighbourhoods. The River Valley Green site is well‑located, adjacent to the Great World commercial complex, the Great World MRT station, and close to schools and entertainment hubs such as Robertson Quay and Clarke Quay.
Sunway has intensified its Singapore portfolio in recent years. In September 2025, it acquired MCL Land for S$739 million from Hong Kong Land. Earlier this week, Sunway MCL placed the second‑highest bid for a 99‑year leasehold residential site at Peck Hay Road in Newton, but the property was ultimately awarded to City Developments and Hong Realty for S$542.4 million.
Cheah has steered Sunway from an obscure tin‑mining company into one of Malaysia’s largest conglomerates, with interests spanning construction, education, healthcare, infrastructure, and real estate. With a real‑time net worth of $5.1 billion, he ranks among the country’s wealthiest individuals.