MCL Land continues to listen to its customers and restock residential land
MCL Land is planning to continue developing residential projects in Singapore despite the thin profit margins of the sector, and a new round of cooling measures that were introduced in April.
Hongkong Land, a fully-owned Hongkong subsidiary, is banking on a proven strategy that involves buying land for development in strategic locations and staying in touch with the end user’s needs. It also adapts to market changes. It also supports the Singapore government’s sustainability initiatives within the built-environment sector.
Robert Garman, the chief executive of MCL Land said, that they will prefer to work with partners “who are in line with our values and who share our vision” to replenish their residential land stocks on the island.
“We’ll have to sharpen up our pencils just a bit more for GLS (tenders), albeit in a smart way with the right partner and at the right place,” he said The Business Times.
“What has worked well for us, along with our partners, was that we have tried to be more strategically in selecting the GLS site we want to bid on; and this is focused, ultimately, on improving the built-environment for the local communities. So, we are looking for sites that have excellent infrastructure, not only in terms or transport but also local amenities and school.”
MCL Land, the Singapore-focused residential arm of Hongkong Land (a member of Jardine Matheson Group), is the Singapore-focused development arm of Hongkong Land.
In term of partnership, MCL had partnered with Yanlord to co-develope Leedon Green. They also partnered with CDL Limited to jointly develop Piccadilly Grand, which is 100% sold now.
CDL is the developer of Tembusu Grand in Katong precinct, which is more than 50% sold as of this writing.