SkyWorld Development Bhd is set to expand its footprint in Penang with the acquisition of a 25.9-acre land parcel in Batu Kawan for RM48.51 million. The land, known as Parcel 1, is part of a 161.5-acre site in Bandar Cassia, Seberang Perai Selatan, earmarked for the development of Rumah Bakat Madani affordable homes under a joint initiative with the Penang Development Corporation (PDC) and its subsidiary, PDC Properties.

This acquisition follows approval secured at SkyWorld’s extraordinary general meeting in April 2025, with the land priced at RM43 per square foot. The company’s wholly owned unit, SkyWorld Cassia Development Sdn Bhd, signed the agreement with PDC as part of the broader Rumah Bakat Madani  affordable housing initiative.

First announced in December 2024, the Rumah Bakat Madani project aims to cater to middle-income earners with monthly household incomes below RM11,800. The units, priced between RM225,000 and RM420,000, will feature modern facilities such as a swimming pool, gym, multipurpose hall, and playground. Applications will be open to both locals and non-residents working in Penang.

The Rumah Bakat Madani development spans two key sites — the Batu Kawan tract and a 34-acre plot in Seberang Jaya — with Parcel 1 strategically located near Jalan Cassia Barat 1, close to the Design Village Outlet Mall.

SkyWorld said the acquisition will be financed through a combination of internal funds, bank borrowings, and remaining proceeds from its IPO. Completion is expected by the second quarter of 2026.

ADVERTISEMENT