SkyWorld Marks Mont Kiara Entry With RM110 Million
Land Deal To Launch Premium Development
KUALA LUMPUR, 16 April 2025 – SkyWorld Development Berhad (“SkyWorld Development” or the “Company”), an urban property developer, has entered into a sale and purchase agreement with M S Tan Corporation Sdn Bhd to acquire a freehold land parcel in Kuala Lumpur through its wholly-owned subsidiary company, Rimba Maju Realiti Sdn Bhd (“RMRSB”) for a purchase consideration of RM110.0 million.
The land, measuring 3.032 acres, is purchased on a “as is where is” basis free from all encumbrances with vacant possession. Strategically located along Jalan Kiara, approximately 200 metres away from the Mont Kiara International School, it lies within a highly sought after residential and commercial hub, renowned for its upscale condominiums and strong expatriate communities. Additionally, 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. RMRSB plans to develop a high-end residential development on the land, offering an exclusive living environment with modern amenities.
The acquisition, expected to be completed within 9 months from date of 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.
Commenting on the acquisition, SkyWorld Development Chief Executive Officer Lee Chee Seng said, “This acquisition aligns with our strategic focus to grow our urban development footprint in Klang Valley and diversify our product offerings. It marks SkyWorld’s entry into the premium segment, complementing our affordable SkyAwani and mid-range SkySignature series. The land’s prime location in Mont Kiara—coupled with its scarcity—makes it ideal for high-end residential development with strong potential for capital appreciation and sustained market demand.”
He further added, “We are committed to maintaining a robust development pipeline and strengthening our land bank through strategic acquisitions. This latest move not only supports our long-term growth but also positions us to capitalise on Klang Valley’s evolving demand for quality urban living.”
