SkyWorld acquires land from DBKL for RM176m development

KUALA LUMPUR (April 23): SkyWorld Development Group has purchased a 5.508ha site located in Setiawangsa, Kuala Lumpur for RM176 million from Datuk Bandar Kuala Lumpur.

In a media statement today, the developer said it has entered into a sale and purchase agreement with Datuk Bandar Kuala Lumpur to acquire the land.

SkyWorld will also assist to relocate the existing sports complex owned by Majlis Sukan Negara (MSN) to Bandar Baru Nilai.

The signing ceremony was held today at SkyWorld Property Gallery @ Setiawangsa, Kuala Lumpur between its subsidiary, SkySierra Development Sdn Bhd and Datuk Bandar Kuala Lumpur, witnessed by Federal Territories Minister Khalid Abdul Samad.

According to Khalid, this land purchase is an arm’s length transaction and complies with all governance requirements.

He added that the government is looking at improving the infrastructure in Setiawangsa and with the construction of Setiawangsa-Pantai Expressway (SPE) also known as Duta-Ulu Kelang Expressway (DUKE) Phase 3, connectivity will be enhanced.

SkyWorld founder and group managing director Datuk Ng Thien Phing shared that a mixed development known as SkySierra will be developed on the site.

The first phase of the development, which comprises residential properties, will have a gross development value (GDV) of RM776 million while commercial and business components will be developed in Phase 2.

“We will be developing this Setiawangsa land into a vibrant and thriving integrated development” said Ng.

The Valleys -- the first phase of SkySierra, is expected to be launched in the second half of 2019 pending approvals and is expected to take about four years to complete.

It will offer 1,309 residences with a low entry price, said the developer.