KUALA LUMPUR: SkyWorld Development Bhd has acquired a 3.032-acre freehold parcel in Mont Kiara for RM110 million, marking its foray into the premium residential segment. The land, purchased from M S Tan Corporation Sdn Bhd, will be developed into high-end homes, complementing SkyWorld’s existing SkyAwani (affordable) and SkySignature (mid-range) series.
CEO Lee Chee Seng said the acquisition aligns with SkyWorld’s strategy to diversify its offerings and strengthen its urban development presence. “Mont Kiara’s prime and scarce land position makes it ideal for luxury residential development,” he said, adding that the deal supports long-term growth and capitalises on rising demand for urban living.
The acquisition will be financed through internal funds, IPO proceeds, and/or bank borrowings, and is expected to complete within nine months. Following this deal, SkyWorld’s land bank stands at 254.75 acres, nearly all in Malaysia.
SkyWorld’s shares closed unchanged at 40.5 sen, with a market capitalisation of RM405 million. The stock has declined 28.3% year-to-date.
