SkyWorld Development Bhd chief executive officer Lee Chee Seng
KUALA LUMPUR: Skyworld Development Bhd
is on track to meet its commitment to launch developments with a cumulative gross development value (GDV) of RM4.6 billion by 2026, said its chief executive officer Lee Chee Seng.
Lee said the company is set to play a key role in affordable housing by developing over 35,000 units in Penang, with an estimated GDV of RM13 billion, after signing a joint development agreement with the Penang Development Corp and PDC Properties Sdn Bhd in December 2024.
"This project underscores SkyWorld Development’s commitment to address the growing demand for affordable housing and further strengthens its position in the Malaysian real estate market,” he said in a statement today.
Lee also said that the pivotal collaboration with Singapore-based Teambuild construction group on the prefabricated manufacturing business is a strategic move to improve the overall quality and reliability of the homes being delivered to its customers.
This initiative is expected to enhance the property developer’s operational efficiency and create valuable synergies, positioning the company for sustainable growth and long-term success, he said.
"The company will leverage prefabricated prefinished volumetric construction technology to support the joint development with the Penang Development Corp and PDC Properties for Malaysia’s largest affordable housing development in Penang.
"With these initiatives, the company is well equipped to navigate market challenges and deliver long-term value to its stakeholders,” he added.
In a filing with Bursa Malaysia today, SkyWorld Development posted a lower net profit of RM13.32 million in the third quarter (3Q) of the financial year ending Mar 31, 2025 (FY2025), compared to RM25.12 million in the same period last year.
Revenue also fell to RM107.87 million in 3Q FY2025, compared to RM171.17 million previously.
It said the decline was due to lower progressive revenue recognition from EdgeWood Residences, as development progress is close to completion, with no revenue recognised from SkyAwani V Residences, which was completed in the last financial year.
For the nine-month period (9M FY2025), the company registered a lower net profit of RM37.83 million, compared to RM86.23 million in 9M FY2024.
It also posted a decrease in revenue to RM331.01 billion in 9M FY2025 versus RM530.32 billion previously.
"Lower revenue was mainly due to the completion of SkySierra Residences (The Valley), SkyAwani IV Residences and SkyAwani V Residences in the last financial year, collectively contributing RM245.1 million revenue in 9M FY2024.
"Nevertheless, the impact was mitigated by the increase in revenue from ongoing projects,” it said. - Bernama
Save 30% for ads-free and full access now!
