“SkyWorld Development acquires a 3-acre freehold plot in Mont’Kiara for RM110 million, marking its entry into the high-end residential segment and expanding its Klang Valley land bank.“
Kuala Lumpur, 17th Apr 2025, 02.13pm – SkyWorld Development Bhd has announced a major move into the luxury residential segment with the acquisition of a 3.032-acre freehold parcel in Mont’Kiara for RM110 million — a strategic shift from its traditionally affordable and mid-range offerings.
The land, roughly the size of 10 Olympic swimming pools, was acquired from M S Tan Corporation Sdn Bhd, a wholly-owned subsidiary of MS Tan Holdings Sdn Bhd, which is controlled by prominent businessman Tan Sri Tan Ming Swee.
Entry Into Premium Property Market
SkyWorld CEO Lee Chee Seng said the acquisition marks a pivotal milestone for the group as it ventures into the high-end residential market.
“Mont’Kiara is one of Kuala Lumpur’s most sought-after addresses, and with land there becoming increasingly scarce, this purchase gives us a unique opportunity to tap into the premium segment,” Lee said in a statement.
The upcoming development on this site will complement SkyWorld’s existing portfolios — the SkyAwani (affordable) and SkySignature (mid-range) series — and reflects the group’s broader strategy to expand its urban footprint and diversify product offerings in line with evolving market demand.
Robust Growth Strategy and Land Bank Expansion
The acquisition is expected to be completed within nine months and will be funded via a combination of internal funds, proceeds from SkyWorld’s 2023 IPO, and/or bank borrowings.
This move brings SkyWorld’s total land bank to 254.75 acres, with 253.47 acres located in Malaysia — reinforcing the group’s strong pipeline of urban projects across the Klang Valley.
“We are committed to growing our land bank strategically to ensure long-term growth, and this latest acquisition allows us to deliver quality urban living in a mature, high-demand area,” Lee added.
Market Performance
SkyWorld shares closed unchanged at 40.5 sen on Wednesday, giving the group a market capitalisation of approximately RM405 million. The stock has seen a 28.3% decline year-to-date, despite robust sales and growing project launches since its public listing.
