SkyWorld buys Penang land for RM82.7mil
SkyWorld said it had entered into a sale and purchase agreement through its 70 per cent indirect subsidiary Prefab Master (Penang) Sdn Bhd for the acquisition.
Spanning a combined area of 10.64 hectares, the company said the land will be used to develop a factory to manufacture prefabricated and prefinished modular systems.
"This will support the joint development projects in Penang undertaken by SkyWorld Development in partnership with The Penang Development Corp and PDC Properties Sdn Bhd," it said.
The factory is located about 12km and 15km from the development sites in Batu Kawan and Seberang Jaya respectively.
According to SkyWorld, the acquisition will be funded via a combination of internally generated funds and bank borrowings.
Barring any unforeseen circumstances, it said the acquisition is expected to be completed within three months from the date of the sale and purchase agreement.
SkyWorld chief executive officer Lee Chee Seng said the acquisition of the land to build a new PPVC modular systems manufacturing factory marks a significant milestone for the company.
Lee said this will not only establish its foothold in modular systems manufacturing but also supports the growing pipeline of the company's affordable housing across the northern region.
"Inspired by our partner Teambuild's success in delivering large-scale HDB's (Housing & Development Board) projects in Singapore, we aim to replicate that proven success here in our homeland," he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
Lee to meet Trump in Washington
Upcoming meet: People watching TV showing file photos of Lee and Trump during a news programme at the Seoul Railway Station in Seoul. — AP President Lee Jae-Myung will travel to Washington to meet US President Donald Trump, Lee's office said, for talks on trade and defence cooperation in the face of nuclear-armed North Korea and other threats. Their Aug 25 summit will follow a July trade deal in which Washington agreed to cut its reciprocal tariff on South Korea to 15% from 25% and apply the same reduced rate to South Korean cars, the country's top export to the United States. South Korea also agreed to purchase US$100bil (RM423.2bil) in US energy and invest US$350bil (RM1.48 trillion) in the country, and Lee and Trump may discuss how the investment package will be structured and managed. The talks are expected to cover expanding cooperation in key industries such as semiconductors, batteries and shipbuilding, Lee's spokesperson Kang Yu-jung said. Lee, a liberal who won an early election in June to replace ousted conservative Yoon Suk-yeol, has made the economy his top priority, aiming to shield the trade-dependent nation from the shocks of Trump's tariff hikes and his demands that allies cut reliance on Washington and shoulder more of their own defence costs. Lee's meeting with Trump comes amid concerns in Seoul that the Trump administration could shake up the decades-old alliance by demanding higher payments for the US troop presence in South Korea and possibly move to reduce it as Washington shifts more focus on China. Lee and Trump will discuss strengthening the allies' defence posture against growing North Korean threats, and developing the partnership into a 'future-oriented, comprehensive strategic alliance' to address the changing international security and economic environment, according to Kang, who didn't elaborate on the specific issues to be addressed. During his first term, Trump suspended US military exercises with South Korea while pursuing diplomacy with North Korean leader Kim Jong-un. They met three times in 2018 and 2019 but their diplomacy quickly collapsed over disagreements about exchanging the release of US-led sanctions against the North. — AP
The Star
6 hours ago
- The Star
Muted growth likely in 2H25
PETALING JAYA: China's response to the final tariff rate imposed by the United States could have a profound impact on the Malaysian economy. With the outcome of tariff talks between the two countries now delayed for another three months, the fear now, according to Socio-Economic Research Centre (SERC) executive director Lee Heng Guie, is that Beijing will take aggressive measures to maintain its market share in the United States. This may entail price dumping and undercutting, which would put pressure on Malaysia's exports. 'If China ends up with a tariff structure similar to countries like Malaysia, Vietnam, Thailand and Indonesia – around 19% to 20% – the competition will be even tougher for Malaysia. 'Even if the tariff imposed by the United States on China is higher, it also depends on how high, because even before tariffs, China has been very competitive in most markets,' Lee said during SERC's Malaysia Quarterly Economy Tracker (April to June) 2025 media briefing yesterday titled 'The Future Ahead: Malaysia in a Changing Landscape'. Lee noted that Chinese exporters have economies of scale and government support in the form of subsidies, export rebates and other incentives. 'This allows them to undercut prices in a bid to gain more market share in the United States,' he said. Lee added China could also engage in price wars to sell its products in other markets to help offset its lower sales in the US market, should it end up securing a relatively higher tariff from Washington. China's economy still remains challenging looking ahead and is projected to slow further in the second half of 2025 (2H25), Lee said, as the trade tariff impact continues and weakening consumer sentiment amid lingering risks in the property sector. On Monday, the Trump administration extended its tariff truce with China for another 90 days to Nov 10. This move keeps US tariffs on Chinese imports at 30%, while Chinese duties on US goods remain at 10%. Without the extension, Chinese imports into the United States would have faced tariffs of 145%, while US goods entering China would have been hit with a 125% rate. These tariffs were set to resume on Tuesday. SPI Asset Management managing director Stephen Innes said the tariff truce 'isn't peace, it's halftime'. 'The scoreboard hasn't changed much, but both sides are in the locker room drawing up plays for the next quarter. The sledgehammer hasn't been put back in the closet – it's just leaning against the wall, waiting for November,' he said in a statement. Lee stressed that halting trade with the United States is not feasible and reduced exports to this key market would directly impact Malaysia's overall export performance. This is given that the United States is Malaysia's third-largest trading partner, accounting for 11.3% of the country's total trade in 2024. It is also Malaysia's second-largest export destination and one of the top-five sources of foreign direct investment (FDI). 'The tariff on local furniture exports, for instance, was 0% previously, but now it has been raised to 19%. Manufacturers may not be able to adjust immediately and this will affect their profit margins and overall profitability. 'However, they have to find ways to mitigate the impact by improving their costs and efficiency,' he said. Lee said the country's exports are expected to remain weak in 2H25 and 2026 due to the impact of the US sweeping tariffs on the global economy and trade flows. Malaysia's export performance has been on the decline in the last two months. 'Exports remain in cautious territory, with a growth of 3.8% in the first six months of the year. For the full year, exports are expected to decline significantly and could even register a slight contraction. 'Exports' 'front-loading' effects are expected to fade in 2H25,' he said. On the whole, Lee said Malaysia is expected to sustain 'moderate growth' in 2H25 and 2026, in line with the global trend. This is underpinned by private consumption and investment amid weak exports due to the impact of the US tariffs on exports. 'We remain positive on private investment with ongoing initiatives like the New Industrial Master Plan 2030, National Energy Transition Roadmap, National Semiconductor Strategy and the 13th Malaysia Plan (2026-2030). 'There have been a lot of approved investments over the past two to three years and this should help support private investment activity, going forward,' he said. In 2024, Malaysia recorded RM379bil of approved investments, comprising RM170.4bil in foreign investments and RM208.1bil in domestic investments. In the first quarter of 2025, total approved investments stood at RM90bil, of which RM60.4bil were foreign and RM29.4bil were domestic investments. On whether he expects FDI to slow this year, Lee described the outlook as a 'cautious investment approach' with a 'wait-and-see' stance, amid near-term policy and trade-related uncertainties. However, he believes Malaysia's third investment upcycle – characterised by high-quality investments which began in mid-2023 – remained intact and would not 'just fizzle out like that'. 'I am hopeful that it will be much more stable by 2H26,' Lee said. In the meantime, he stressed that it was important for Malaysia to enhance its tax competitiveness and ease of doing business to remain relevant as an investment destination amid current trade uncertainties. In this regard, Lee calls for measures like cutting the corporate tax rate from 24% to 22% and increasing the threshold for small and medium enterprises enjoying a preferential tax rate of 15% for the first RM2mil chargeable income. SERC projects Malaysia's gross domestic product growth to slow to 4% in both 2025 and 2026. It expects inflation to remain in the range of 1.5% to 1.8% for the year, and between 2% to 2.5% in 2026. According to Lee, the growth outlook overall remains tilted to the downside, stemming mainly from sluggish global trade, subdued investor confidence and disappointing commodity output. 'Persistent external uncertainties along with weak implementation of the various masterplans could weigh on domestic demand, especially investment,' he said. Meanwhile, Lee noted the ringgit's outlook remains positive, backed by strong economic fundamentals and economic resilience – diversified economic sectors and export markets, sustaining investment flows and services growth. 'Nevertheless, negative risks for the ringgit are global growth prospects, the US trade policy, the Federal Reserve's (Fed) interest rate path and the Chinese yuan. We expect the ringgit to end 2025 at RM4.20 against the US dollar,' he said. As for the outlook on global growth, Lee said a continued slowdown in 2H25 and 2026 is expected due to the impact of ongoing tariffs and policy uncertainty, as well as geopolitical risks. The US economy is expected to see a near-term slowdown as consumers' front-loading purchase wanes and consumer inflation ticks up. 'Nevertheless, monetary easing, tax cuts, deregulation and strong tech investments are expected to cushion a severe economic slowdown. Higher consumer inflation risk could limit the Fed's rate easing. 'We expect the Fed to pivot toward rate cuts in 2H25 and 2026 to support the economy, although the expected higher inflation may slow down the rate cut,' he said.
Borneo Post
13 hours ago
- Borneo Post
Minister: Emergency readiness key to Sarawak's aviation development
Lee (third right) receives a memento from Anuar (third left), as others look on. MIRI (Aug 12): Sarawak must strengthen its capacity to respond effectively to emergencies in line with the state's ongoing efforts to develop its aviation and transport infrastructure, said state Transport Minister Dato Sri Lee Kim Shin. Speaking at the official launch of the Joint Aeronautical Search and Rescue Exercise (SAREX JASAR) 2025 here earlier today, he said that as Sarawak aspired to play a greater role within the national and regional aviation ecosystem, the Ministry of Transport Sarawak (MoTS) had begun shaping its long-term vision through the Sarawak Aviation and Aerospace Strategy. 'The vision includes enhancing regional emergency preparedness and inter-agency coordination, particularly for offshore and remote area operations. 'It also involves strengthening aviation infrastructure, regulatory alignment, human capital development, and exploring long-term opportunities in aerospace education, aircraft maintenance, and sustainable aviation initiatives, such as research on alternative fuels,' he said. Lee emphasised that while the strategy was still being formalised, exercises like SAREX JASAR were critical building blocks that could help identify the gaps, validate protocols, and build operational experience to guide future policies and investments in aviation safety and aerospace readiness. Lee also highlighted the importance of offshore aviation safety, particularly for the oil and gas sector – one of the nation's most important economic pillars. 'A robust search-and-rescue (SAR) capability, rapid response systems, and well-coordinated multi-agency support are essential to sustaining operations in this high-risk and high-value industry,' he said. He also acknowledged the crucial roles of the Sarawak Disaster Management Committee (SDMC) and the Sarawak Security and Enforcement Unit (UKPS). On SAREX JASAR 2025, Lee described it as 'not only a drill, but also a demonstration of Sarawak's commitment to aviation safety, the protection of our critical industries, and the pursuit of long-term aerospace development'. He also expressed appreciation to the Civil Aviation Authority of Malaysia (CAAM), Shell Malaysia, Petroliam Nasional Berhad (Petronas), and the 23 other participating agencies including government departments, enforcement bodies, regulators, airport and air operators, and key players from Malaysia's oil and gas industry , for jointly holding the event. 'I was informed that the exercise involved more than 300 personnel from 23 organisations. This strong multi-agency participation is a clear testament to our united commitment to advancing Malaysia's offshore aviation and SAR readiness,' he said. Among those present were CAAM chief executive officer Dato Capt Norazman Mahmud, CAAM Air Navigation Services Operations Division director Khairul A'amali Ismail, and Petronas senior general manager Anuar Ismail. aviation development emergency response lead Lee Kim Shin
