Sunway MCL, the Singapore developer controlled by Malaysian billionaire Jeffrey Cheah, together with China’s CSC Land Group, has emerged as the top bidder for a coveted residential site near Singapore’s main shopping belt, underscoring sustained demand in one of the world’s priciest housing markets.
The joint venture submitted a bid of S$751 million, or about $581 million, for the 99-year leasehold parcel at River Valley Green. Located close to the Orchard Road shopping district and Singapore’s central business district, the 123,957-square-foot (11,516-square-meter) site drew a price equivalent to S$1,730 per square foot per plot ratio. That works out to roughly a 22% premium over what Malaysian billionaire Quek Leng Chan’s GuocoLand paid in February 2025 for a neighboring plot.
The strong offer comes as recent launches in the area have posted brisk sales, reinforcing confidence among developers. In a research note, CBRE’s head of research for Singapore and Southeast Asia, Tricia Song, said market optimism has been buoyed by solid take-up at earlier projects.
One of the clearest examples is GuocoLand’s 455-unit River Modern condominium. Since sales began in March this year, about 93% of the development has been snapped up, according to CBRE.
Nearby projects have also performed strongly. CBRE data shows that Wing Tai Holdings’ 524-unit River Green is 94% sold, while Zyon Grand, the 706-unit project being developed by billionaire Kwek Leng Beng’s City Developments alongside Mitsui Fudosan, has reached 90% sales. Promenade Peak, a 596-unit development by Allgreen Properties, which is controlled by Malaysia’s richest person Robert Kuok, is 71% sold.
If the River Valley Green site is formally awarded to Sunway MCL and CSC Land Group, the partners intend to develop a premium high-rise project featuring more than 500 homes spread across two 36-storey towers, according to a statement from Sunway MCL. The parcel is also significant because it is the final residential site in the area to be put up for government tender.
“The site presents an opportunity to introduce a new residential development in one of Singapore’s most established and sought-after neighbourhoods,” Lee Tong Voon, CEO of Sunway MCL said in the statement.
The River Valley Green site is attractive as it sits next to the Great World commercial complex, the Great World MRT station and close to several schools as well as entertainment destinations such as Robertson Quay and Clarke Quay.
Sunway has been stepping up investments in Singapore in recent years. In September 2025, it acquired MCL Land for S$739 million from Hong Kong Land. Last week, Sunway MCL submitted the second-highest bid for a 99-year leasehold residential site at Peck Hay Road in Singapore’s upscale Newton district. The site was awarded to City Developments and partner Hong Realty, with a top bid of S$542.4 million.
Cheah transformed Sunway from an obscure tin-mining company over the five decades into one of Malaysia’s biggest conglomerates with interests in construction, education, healthcare, infrastructure and real estate. With a real-time net worth of $5.1 billion, he is among the country’s wealthiest.
