SkyWorld to buy Mont Kiara land for RM110mil

PETALING JAYA: SkyWorld Development Bhd is acquiring a 3.032-acre parcel of freehold land in Mont Kiara, Kuala Lumpur, from M S Tan Corp Sdn Bhd for RM110mil.

In a filing with Bursa Malaysia, SkyWorld said it plans to develop a high-end residential project on the land, offering an exclusive living environment with modern amenities.

“The acquisition, expected to be completed within nine months from the date of the sale and purchase agreement, will be funded through a combination of internally generated funds, proceeds from the initial public offering back in 2023, and/or bank borrowings,” it said.

SkyWorld said the acquisition marks its entry into the premium segment, complementing its affordable SkyAwani and mid-range SkySignature series.

“The land is close to major retail and lifestyle destinations, including 1 Mont Kiara Mall, Solaris Mont Kiara and Publika Shopping Gallery, offering a diverse range of dining, entertainment and shopping options.

“With this addition, SkyWorld’s total landbank now stands at 254.75 acres, including 253.47 acres in Malaysia.”