SkyWorld aims high

KUALA LUMPUR (Nov 7): SkyWorld Development Sdn Bhd may be new in the local property market, but it has set an ambitious target -- it wants to be one of the top 10 property developers in the country within the next five years.

The company’s directors include managing director Datuk Ng Thien Phing, deputy managing director Lam Soo Keong and chief officer of development Zafidi Mohamad. Besides Ng and Lam, the executives of SkyWorld are Alan Ho, Tan Sri Wong See Wah, Kok Tiu Wan and Lee Chee Seng.

Although SkyWorld was incorporated in 2006, it did not launch any project until it unveiled the leasehold SkyArena development. It won the contract to develop SkyArena, a privatisation project by Kuala Lumpur City Hall (DBKL), through a tender in 2011. In the intervening years, the company has focused on building its landbank.

The more than 28 acres SkyArena will have residential and commercial properties as well as a 9.4-acre multi-storey sports complex. The project will be developed in four phases and is estimated to have a gross development value (GDV) of RM2.5 billion.

SkyWorld general manager for sales and marketing Khin Lee tells City & Country that the sports complex, which is dedicated to promoting public health and wellness, will be the main attraction at SkyArena.

It launched the first phase of SkyArena — the 3.35-acre Ascenda Residences — last year and it has chalked up a take-up of 95%. It is planning to launch Phase 2 — Bennington Residences — this month. This condominium project, with a GDV of RM437 million, will offer 580 units with built-ups of between 1,092 and 1,700 sq ft, priced at an average of RM600 psf.

For the full story read City & Country, the property pullout of The Edge Malaysia weekly, on Nov 9. Subscribe to The Edge Malaysia weekly here.