SkyWorld Development Bhd has signed agreements with Penang Development Corporation (PDC) and PDC Properties to jointly develop over 35,000 affordable housing units in Penang, valued at an estimated RM13 billion.

The housing project aims to provide homes priced between RM225,000 and RM420,000 for the B40 and M40 income groups.

The development will span 195.54 acres in Batu Kawan and Seberang Jaya, with a total cost of RM502.7 million, plus a RM40.2 million project management fee.

The first phase is expected to launch in 2026, with the entire project set to complete in 15 years.

 SkyWorld Development, recognized for its expertise in affordable housing, views this project as a response to Penang’s growing need for housing due to its booming electrical and electronics sector.

SkyWorld Development’s shares remained unchanged today at 62.5 sen, resulting in a market capitalisation of RM625 million. –TMR