SkyWorld unit buys RM83m land in Seberang Perai for modular housing factory

• Located about 12km from Batu Kawan and 15km from Seberang Jaya, SkyWorld said the site benefits from established infrastructure, excellent accessibility and proximity to amenities—enabling the efficient, cost-effective transport of 3D modular systems to both housing project sites.

KUALA LUMPUR (Aug 8): SkyWorld Development Bhd (KL:SKYWLD) said the group on Friday entered into a deal to acquire 26.4 acres of  freehold land in Seberang Perai Tengah, Penang, for RM82.7 million.

The land, to be acquired through its 70%-owned indirect subsidiary Prefab Master (Penang) Sdn Bhd, will be used to build a factory to manufacture prefabricated and prefinished modular systems, the property developer said in a statement.

It added that the acquisition would support the previously announced affordable housing projects in Penang that the group is jointly undertaking with the Penang Development Corporation (PDC) and PDC Properties Sdn Bhd.

Located about 12km from Batu Kawan and 15km from Seberang Jaya, SkyWorld said the site benefits from established infrastructure, excellent accessibility and proximity to amenities—enabling the efficient, cost-effective transport of 3D modular systems to both housing project sites.

The factory, slated to be operational by the second half of 2026, is expected to give the group a competitive edge in pursuing large-scale developments by leveraging its manufacturing capabilities and streamlined supply chains, the group added.

SkyWorld chief executive officer Lee Chee Seng said the acquisition marks a key step in the group’s entry into the modular construction sector and will support its growing pipeline of affordable housing across the northern region.

“The economies of scale from producing over 35,000 affordable homes will enable the factory to operate at optimal efficiency and cost,” Lee said in the statement.

SkyWorld said it will fund the acquisition through internally generated funds and bank borrowings. The transaction is expected to be completed within three months.

Shares in SkyWorld ended unchanged at 51.5 sen on Friday, valuing the group at RM515 million.

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