KUALA LUMPUR: Skyworld Development Bhd
has announced a second venture in Vietnam through its fully owned subsidiary, SkyWorld Development (Vietnam) Company Limited (SkyWorld Vietnam).
In a statement, the urban property developer said SkyWorld Vietnam signed a memorandum of understanding (MOU) with SkyVenue Land Group Joint Stock Company, SkyBridge Company Limited and the shareholders of SkyVenue to jointly develop the remaining plots of the Guocoland Commercial Complex project in Thuan An City, Binh Duong Province, Vietnam.
The collaboration entails the acquisition of up to 49% of SkyVenue shares from its shareholders. Upon the completion of the due diligence, SkyWorld Vietnam shall decide on whether to proceed with the collaboration.
Under the MoU, SkyWorld Vietnam will co-develop two residential plots, along with a mixed-use tower and a hotel/serviced apartment complex on two additional plots.
SkyBridge, legally owned by SkyVenue, has been duly registered to implement the Project and has already secured the land use rights.
SkyWorld Development founder and non-independent executive chairman Datuk Seri Ng Thien Phing said: “As our first foray out of the country, our team diligently navigated the Vietnamese market, and this project reflects our ability to leverage opportunities in this promising region. Our focus remains on delivering exceptional value through innovative design and sustainable practices.”
“Moving forward, we aim to build strong, lasting relationships with local partners and stakeholders. Collaboration and mutual respect will be at the core of our operations, ensuring that we make a significant, positive impact. We look forward to sharing our progress and achievements as we bring this project to fruition,” he added.
