SkyWorld Development Bhd said that its wholly-owned subsidiary, Aspirasi Cekap Sdn Bhd (ACSB), has signed a joint development agreement (JDA) with PR1MA Corporation Malaysia for the development and construction of quality affordable homes in Brickfields, Kuala Lumpur, with a gross development value (GDV) of RM191.49 million.
The agreement, announced today, pertains to a proposed development on approximately 1.97 acres of leasehold land at Lot 20005 Seksyen 95 (PT28), with a total project consideration of RM32.17 million.
The project, known as SkyAwani Prima, aims to build 491 apartment units, each approximately 900 square feet, along with essential amenities and infrastructure.
Under the JDA, ACSB will oversee all aspects of the project, including design, construction, and marketing.
The agreement guarantees SkyWorld Development a profit of RM4 million from the project.
Payments to PR1MA will be structured in installments, ensuring a guaranteed profit margin to maintain financial stability.
The funding for the project will be sourced through a combination of internally generated funds and bank borrowings.
SkyWorld Development views this project as a strategic opportunity to strengthen its position in the affordable housing market while addressing community needs.
SkyWorld Development’s share price remained unchanged at 54 sen today, bringing it a market capitalisation of RM540 million.
Sumber: The Malaysian Reserve
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