CCS begins Phase 2 review of SUTL’s proposed acquisition of Marina at Keppel Bay

Regulator found SUTL and Keppel Bay may be close competitors after its Phase 1 review.

The Competition and Consumer Commission of Singapore (CCS) has started a Phase 2 review of SUTL Enterprise Ltd’s proposed acquisition of Marina at Keppel Bay from Keppel Bay Pte Ltd through its subsidiary One15 Marina KB Pte. Ltd.

The review began after CCS accepted the required documents from the parties on 14 July 2026.

CCS launched its Phase 1 review on 27 February 2026 to assess whether the proposed transaction could breach Section 54 of the Competition Act 2004, which prohibits mergers that may substantially reduce competition in Singapore.

Following the Phase 1 review, CCS raised concerns on 27 April 2026, noting that SUTL and Keppel Bay may be close competitors and that the merged entity could hold significant market shares after the acquisition.

SUTL submitted proposed commitments on 11 May 2026 to address CCS’s concerns, but CCS rejected the proposal after determining that it did not adequately resolve the competition issues.

The Phase 2 review will involve a more detailed assessment of the transaction’s impact on competition. CCS said the parties may submit revised commitments during the review process.

Upon completion of the review, CCS will decide whether to issue a favourable or unfavourable decision on the proposed transaction.

If CCS issues an unfavourable decision, the parties may appeal to the Competition Appeal Board by filing a notice of appeal within four weeks from the earlier of the date they are notified of the decision or the date the decision is published.