SIBS secures multi-billion ringgit project

An artist’s impression of the Neom project comprising 2,174 apartment units across 35 buildings.

KUALA LUMPUR: SIBS, one of the world’s leaders in modular construction technology, has secured a multi-billion ringgit contract to deliver 2,174 apartments to Neom – one of the largest urbanisation projects in north-west Saudi Arabia.

The project in the form of turn-key buildings from a finalised bottom slab upwards will be delivered and commissioned by 3Q24.

This achievement marks a breakthrough for the company’s continued growth and success in the industry.

Neom is a ground-breaking development in the heart of Neom city. With 2,174 apartments distributed among 35 buildings, the development offers luxurious living spaces and an array of amenities tailored to meet the needs of modern urban dwellers.

The buildings consist of one- and two-bedroom apartments fully-fitted with quality designed built-in furniture, with balconies for each apartment.

Sustainability has always been at the core of its design philosophy and together with its efficient building systems, SIBS is able to achieve a high level of energy efficiency. Its flexible yet robust building design makes relocation of these buildings to other regions of Neom a breeze as this mega project progresses.

“We are thrilled to have secured this monumental project. This development represents a major milestone for our company and reflects our commitment to create exceptional living experiences for tenants,“ says SIBS Group chief executive officer Erik Thomaeus.

“The fact that SIBS has been selected as a supplier to Neom is a clear confirmation that we have the competence and delivery strength that few in the world can match.

“We look forward to contributing to the development of Neom as an international hub for innovation, business, and sustainable development, among other things.

“We are excited to contribute to the growth and development of Neom while providing a vibrant and sustainable community.”

The SIBS manufacturing plant at the Penang Science Park in Bukit Minyak on the mainland boosted its productivity four-fold – making SIBS one of the largest producers of apartment modules in the world.The SIBS manufacturing plant at the Penang Science Park in Bukit Minyak on the mainland boosted its productivity four-fold – making SIBS one of the largest producers of apartment modules in the world.

Modular construction

When SIBS started in 2016, the team had only one mission in mind – to revolutionise how homes are built.

Its substantial scalable capacity and ability to adapt to different requirements of all regions in the world is further validated with the securing of the Neom project.

Last year, the modular construction company invested in its new plant in mainland Penang, which has since boosted its productivity four-fold – making SIBS one of the largest producers of apartment modules in the world.

The state-of-the-art 550,000sqft factory on a 11.3ha site is also almost entirely operated on solar energy to reduce its carbon footprint. The new plant is designed to meet the world’s growing needs for a more intelligent, efficient and effective construction method.

“Securing this project enables our company to strengthen its position as an industry leader in modular construction,” says SIBS Malaysia CEO S.P. Ong.

“We have a product that is unique and in high demand and I am confident that with a team of professionals whom we have assembled we will continue to improve to strengthen our position in this industry as the leader in construction tech.

“Everything in our factory is custom-designed and built, from its production system to the machines used for production – something that no other competitor has.

“Not forgetting that we are one of the first to be able to complete 90% of an apartment building off-site, leaving only 10% on-site work.

“We are also proud to be a company that prioritises using local suppliers and local professional talents.

“To further increase efficiency, we have strategically placed our main suppliers within close proximity of our plant to avoid disruptions to production.

“Doing so reduces our dependence on distant sources which are susceptible to disruptions and volatility. This mitigates risks and enhances the company’s ability to respond quickly to demands and changing circumstances.”

Ong adds: “When we prioritise our borders, we directly boost our domestic economy. The ripple effects of this decision are profound, touching every corner of our society.

“Aside from delivering the best products, we have a serious commitment to contribute to local economic growth, job creations, and community development as an organisation.”

The success of SIBS in securing this multi-billion ringgit apartment building project can be attributed to its experienced team of professionals who bring expertise and passion for innovation to every project they undertake.

Their dedication and commitment to excellence have earned SIBS a reputation for reliability in delivering high-quality products and ultimately positions the company as the preferred choice in the construction technology industry.

SIBS is grateful for the support and trust of its partners, investors, suppliers and the local community.

With a scalable capacity of around 6,000 homes per year, SIBS delivers sustainable, high quality homes adapted to local conditions.

The SIBS showroom featuring its building designs.The SIBS showroom featuring its building designs.

New future

Neom is an accelerator of human progress and a vision of what a new future might look like.

It is a region in north-west Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for a new future.

It will be a destination and a home for people who dream big and want to be part of a new model for exceptional livability – creating thriving businesses and reinventing environmental conservation.

Neom will include hyperconnected, cognitive cities, ports and enterprise zones, research centres, sports and entertainment venues, and tourist destinations.

As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialise new technologies and enterprises in groundbreaking ways.

Residents of Neom will embody an international ethos and embrace a culture of exploration, risk-taking and diversity.

SIBS remains committed to delivering this ambitious project on time, within budget, and to the highest quality standards.

For more information about SIBS and its portfolio of projects, visit For details on Neom, go to

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