Shares in Skyworld take off on RM13bil affordable housing project

KUALA LUMPUR: Shares in Skyworld Development Bhd rose over 14% to an intra-morning high on the back of new it had tied up with Penang Development Corp (PDC) to jointly develop the country’s largest affordable-housing project.

The property developer said yesterday it had inked a joint development agreement with PDC and its subsidiary, PDC Properties, for the development of a RM13bil project named Rumah Bakat Baru Madani in Seberang Jaya and Batu Kawan.

Investors bought up the stock from the start, taking it to a high of 71.5 sen, a nine sen premium over its last closing price of 62.5 sen.

The rally moderated by 9.20am, with the share trading 5.5 sen or 8.8% higher at 68 sen after over 10 million shares changed hands, making it the third most active counter on Bursa Malaysia.

With a combined offering of about 36,000 units, SkyWorld chief executive officer Lee Chee Seng said Rumah Bakat Baru Madani will act as a cornerstone of the Malaysian government’s commitment to deliver 500,000 affordable homes by 2025, as included in the Twelfth Malaysia Plan (RMK12).

The development is projected to span a 10-year development period.