“SkyWorld Development ventures into prefabricated manufacturing through a joint venture with Teambuild Holding, aiming to revolutionize Malaysia’s construction industry and expand across ASEAN markets.“
London, 21th Jan 2025, 10.05am – SkyWorld Development Bhd is set to expand its business by venturing into the manufacturing of prefabricated and prefinished modular systems, marking a strategic diversification from its core property development operations.
In a Bursa Malaysia filing, SkyWorld announced its partnership with Singapore-based Teambuild Holding (S) Pte Ltd through a joint-venture company, Prefab Master Sdn Bhd. SkyWorld will hold a 70% equity stake in the new entity, which aims to focus on research and development, engineering solutions, production, and installation of modular systems. The company also plans to expand its market across ASEAN countries, excluding Singapore.
SkyWorld highlighted that this move aligns with its mission to incorporate innovative technologies into property development, ensuring enhanced quality and reliability for its customers. The company will pioneer prefabricated prefinished volumetric construction (PPVC) technology to support Malaysia’s largest affordable housing development in Penang. This massive project, a collaboration with Penang Development Corporation and PDC Properties Sdn Bhd, was secured by SkyWorld in December 2023.
The Penang housing project, with an estimated gross development value (GDV) of RM13 billion, is scheduled to begin in the second half of 2025 and will span 10 to 15 years.
SkyWorld stated that the prefabricated manufacturing venture would significantly boost operational efficiency and create synergies, particularly for large-scale developments like the Penang project.
“The proposed diversification positions SkyWorld as a pioneer in advanced construction methodologies, offering a competitive edge and supporting our vision to lead the industry,” the company said.
SkyWorld believes that this strategic move could revolutionize Malaysia’s construction sector while enabling the company to tap into broader regional opportunities.