KUALA LUMPUR, SkyWorld Development Bhd has acquired four adjoining freehold land parcels in Seberang Perai Tengah, Penang, for RM82.7 million.
The purchase was made through its 70% indirect subsidiary, Prefab Master (Penang) Sdn Bhd, and covers a total of 10.64 hectares. The land will be used to build a factory for manufacturing prefabricated and prefinished modular systems (PPVC), supporting SkyWorld’s joint development projects in Penang with the Penang Development Corp and PDC Properties Sdn Bhd.
SkyWorld Development Bhd has bought four adjoining parcels of freehold lands in Seberang Perai Tengah, Penang for RM82.7 million
Located about 12km from Batu Kawan and 15km from Seberang Jaya, the factory will strengthen SkyWorld’s capabilities in delivering affordable housing across the northern region.
CEO Lee Chee Seng said the acquisition marks a major milestone, expanding the group’s presence in modular construction and taking inspiration from partner Teambuild’s success in delivering large-scale HDB projects in Singapore.
The deal will be funded through a mix of internal funds and bank borrowings, and is expected to be completed within three months.
