CCS Commences In-Depth Review of the Proposed Transaction between SUTL Enterprise Ltd, One15 Marina KB Pte. Ltd. and Keppel Bay Pte Ltd

1.     The Competition and Consumer Commission of Singapore (“CCS”) has commenced an in-depth review ( “Phase 2” review) of the proposed acquisition by SUTL Enterprise Ltd (“SUTL”), through its wholly-owned subsidiary One15 Marina KB Pte. Ltd., of the property and assets at Marina at Keppel Bay from Keppel Bay Pte Ltd (collectively, the “Parties”) (the “Proposed Transaction”), following the satisfactory acceptance of relevant documents from the Parties by CCS on 14 July 2026. 

Competition concerns raised at the end of Phase 1 review 

2.     CCS commenced its Phase 1 review on 27 February 2026, following the acceptance of an application[1] from the Parties for a decision on whether the Proposed Transaction, if carried into effect, would infringe section 54 of the Competition Act 2004 (the “Act”). Section 54 of the Act prohibits mergers that have resulted, or may be expected to result, in a substantial lessening of competition within any market in Singapore. 

3.     On 27 April 2026, CCS raised competition concerns with the Parties on the Proposed Transaction after completing its Phase 1 review, which found that the Parties may be each other’s closest competitor and would hold significant market shares post-merger.[2]

4.     On 11 May 2026, SUTL proposed certain commitments to address the competition concerns identified by CCS at the end of the Phase 1 review (the “Commitments Proposal”). After considering the Commitments Proposal, CCS was of the view that they did not appropriately address the competition concerns earlier identified and accordingly did not accept them.