SKYWORLD Development Bhd plans to diversify into the manufacturing of prefabricated and prefinished modular systems to support its affordable housing project in Penang.
The initiative, which could contribute up to 25% of the group’s net profit, will be carried out in collaboration with Singapore-based Teambuild Holdings (S) Pte Ltd.
Under the partnership, SkyWorld will hold a 70% stake in the joint venture company, Prefab Master Sdn Bhd, while Teambuild will own the remaining 30%.
The company plans to leverage Teambuild’s 12-year expertise in prefabricated and prefinished volumetric construction (PPVC) technology to enhance project efficiency and quality.
The RM13 billion development, in partnership with Penang Development Corp and PDC Properties Sdn Bhd, is set to begin in the second half of 2025 and span over 10 to 15 years.
SkyWorld anticipates that the prefabrication business will significantly boost its financial performance, potentially impacting over 25% of the company’s net assets.
SkyWorld’s core property development segment currently accounts for over 99% of its revenue, with the company recording a net profit of RM106.78 million in FY2024.
The diversification move is aimed at improving construction efficiency and enhancing the quality of its housing projects.
The proposal will take effect following shareholder approval, with UOB Kay Hian Securities (M) Sdn Bhd advising on the exercise. — TMR
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