Latest news with #PrefabMaster(Penang)SdnBhd
New Straits Times
3 days ago
- Business
- New Straits Times
SkyWorld buys Penang land for RM82.7mil
KUALA LUMPUR: SkyWorld Development Bhd has bought four adjoining parcels of freehold lands in Seberang Perai Tengah, Penang for RM82.7 million. 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.
The Star
3 days ago
- Business
- The Star
SkyWorld buys RM82.7mil land in Penang for prefab factory
PETALING JAYA: Skyworld Development Bhd had inked a sales and purchase agreement to acquire four adjoining parcels of land in Seberang Perai Tengah, Penang for RM82.7mil cash. The agreement was entered via its 70%-indirect subsidiary Prefab Master (Penang) Sdn Bhd, with Tan Tio Che @ Tan Chew Cheng. In a filing with Bursa Malaysia, SkyWorld said the 26.37-acres of land just acquired will be used to build a prefabricated and prefinished volumetric construction factory to manufacture prefabricated prefinished modular systems. This project will support the joint development projects in Penang undertaken by the group in partnership with the Penang Development Corp and PDC Properties Sdn Bhd. Slated to be operational by the second half of 2026, the factory is expected to give SkyWorld a competitive edge in pursuing large scale development projects in the future by leveraging its manufacturing capabilities and streamlined supply chains. The acquisition will be funded with internally generated funds and bank borrowings. Barring any unforeseen circumstances, the acquisition is expected to be completed within three months from the date of the sale and purchase agreement.
