SkyWorld Improvement Berhad, has entered right into a sale and buy settlement to accumulate 4 adjoining parcels of freehold lands in Seberang Perai Tengah, Penang for RM82.7 million via its 70% oblique subsidiary, Prefab Grasp (Penang) Sdn. Bhd.
Spanning a mixed space of 26.4 acres, the lands will probably be used to develop a manufacturing facility to fabricate prefabricated and prefinished modular programs, supporting the joint growth initiatives in Penang undertaken by SkyWorld Improvement in partnership with The Penang Improvement Company and PDC Properties Sdn. Bhd.. As a recap, a joint growth settlement was executed in December 2024 to collaboratively develop over 35,000 reasonably priced housing items beneath the newly introduced Rumah Bakat MADANI schemes. These properties, priced between RM225,000 and RM420,000, goal to reinforce housing accessibility for the B40 and M40 segments.
The manufacturing facility, strategically situated roughly 12 km and 15 km from the event websites in Batu Kawan and Seberang Jaya respectively, is well-supported by established infrastructure, wonderful accessibility and proximity to facilities. This strategic location permits seamless supply of the modular programs to each growth websites. Slated to be operational by second half of 2026, the manufacturing facility is anticipated to offer SkyWorld Improvement a aggressive edge in pursuing massive scale growth initiatives sooner or later by leveraging its manufacturing capabilities and streamlined provide chains.
The acquisition will probably be funded by way of a mixture of internally generated funds and financial institution borrowings. Barring any unexpected circumstances, the acquisition is anticipated to be accomplished inside three months from the date of the sale and buy settlement.
Commenting on the acquisition, SkyWorld Improvement Chief Government Officer Lee Chee Seng stated, “The acquisition of those lands to construct a brand new PPVC modular programs manufacturing manufacturing facility marks a big milestone for the Firm. It not solely establishes our foothold in modular programs manufacturing but additionally helps the rising pipeline of our reasonably priced housing throughout the northern area. Impressed by our accomplice Teambuild’s success in delivering large-scale HDB’s (Housing & Improvement Board) initiatives in Singapore, we goal to duplicate that confirmed success right here in our homeland.”
Lee additional added, “The economies of scale reaching over 35,000 items of reasonably priced properties permits the manufacturing facility to realize optimum effectivity in manufacturing and price. This paves the way in which for scaling up our Penang initiatives, whereas guaranteeing accelerated and constant execution throughout large-scale initiatives, making a sustainable aggressive benefit that delivers long-term worth to all stakeholders.”
