HONG KONG (dpa-AFX) - Hongkong Land Holdings Limited (H78.SI, HKHG), a property investment and development company, said that it has inked a deal to sell its MCL Land to Sunway Group, a Malaysian conglomerate, for S$739 million in cash.
'The sale advances Hongkong Land's 2035 strategic vision to recycle capital by exiting the residential build-to-sell segment and to focus growth on ultrapremium integrated commercial properties in Asian gateway cities,' Hongkong Land said.
The proceeds from the sale, to be closed before the end of 2025, will be used to further boost Hongkong Land's balance sheet and contribute an additional $150 million to its ongoing share repurchase drive.
With this sale, the total capital recycled by Hongkong Land since 2024 has grown to $2 billion, which is 50% of the company's target of at least $4 billion by the end of 2027.
MCL Land has been serving as a residential developer in Singapore and Malaysia for the last 60 years.
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