SkyWorld buys three-acre Mont’Kiara land for RM110m

• SkyWorld is buying the land, which could fit about 10 Olympic-sized swimming pools, from M S Tan Corporation Sdn Bhd, a wholly-owned subsidiary of MS Tan Holdings Sdn Bhd.

KUALA LUMPUR (April 16): SkyWorld Development Bhd (KL:SKYWLD) is acquiring a freehold plot in Mont’Kiara measuring 3.032 acres for RM110 million, to develop high-end residential properties.

SkyWorld is buying the land, which could fit about 10 Olympic-sized swimming pools, from M S Tan Corporation Sdn Bhd, a wholly-owned subsidiary of MS Tan Holdings Sdn Bhd. MS Tan Holdings is fully-owned by Tan Sri Tan Ming Swee.

SkyWorld’s chief executive officer Lee Chee Seng said the acquisition marks the company's entry into the premium segment, complementing its affordable SkyAwani and mid-range SkySignature series, and is aligned with the group's strategic focus on expanding its urban development footprint and diversifying its product offerings.

“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,” Lee said.

He also said the company is committed to maintaining a robust development pipeline and strengthening its 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,” he added.

The land purchase is anticipated to be finalised within nine months. The acquisition will be financed via a mix of the company's internal funds, proceeds from SkyWorld’s initial public offering in 2023 and/or bank borrowings.

With this latest land acquisition, SkyWorld’s land bank has now grown to 254.75 acres, with 253.47 acres located in Malaysia.

On Wednesday, SkyWorld shares closed unchanged at 40.5 sen, resulting in a market capitalisation of RM405 million. The stock has retreated 28.3% this year.

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