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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.