SKYWORLD DEVELOPMENT TO BUY KL LAND FOR RM110 MLN

KUALA LUMPUR, April 16 (Bernama) -- SkyWorld Development Bhd’s wholly owned subsidiary Rimba Maju Realiti Sdn Bhd (RMRSB) will buy 1.23 hectare freehold land at Tempat Sungei Teba, Mukim Batu, Kuala Lumpur for RM110 million from MS Tan Corporation Sdn Bhd.

The developer said the purchase is in line with SkyWorld Development’s business plan to expand its urban property development business in the Klang Valley by accumulating new suitable land to be included in the group’s landbank.

“The proposed acquisition will be in cash funded by a combination of internally generated funds, proceeds raised from initial public offering in 2023 and/or bank borrowings.

“The exact quantum funding mix will be decided at a later date after due consideration of SkyWorld Development Group’s gearing level, interest costs as well as working capital requirements for SkyWorld Development Group’s business operations,” it said in a filing with Bursa Malaysia today.

In a statement today, SkyWorld said RMRSB plans to develop a high-end residential development on the land, offering an exclusive living environment with modern amenities.

The acquisition, expected to be completed within nine months from date of sale and purchase agreement.

SkyWorld Development chief executive officer Lee Chee Seng said the acquisition aligns with its strategic focus to grow its urban development footprint and diversify SkyWorld’s product offerings.

“It marks SkyWorld Development’s entry into the premium segment, complementing our affordable SkyAwani and mid-range SkySignature series,” he added.

This latest move not only supports our long-term growth but also positions us to capitalise on the Klang Valley’s evolving demand for quality urban living.

SkyWorld Development’s total land bank now stands at 103.09 hectares, including 102.57 hectares in Malaysia. 

-- BERNAMA

TAGS: SkyWorld Development, Property developer, Acquisition, Bursa Malaysia  

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