PETALING JAYA: Skyworld Development Bhd
is proposing to diversify its existing business operations to include the manufacturing of prefabricated and prefinished modular systems.
In a filing with Bursa Malaysia, the property developer said it had signed a shareholders’ agreement with Singapore-based Teambuild Holding (S) Pte Ltd to mark its entry into the prefabricated manufacturing sector.
Through a joint-venture company, Prefab Master Sdn Bhd, where SkyWorld Development holding a 70% equity stake, the parties will focus on research and development in innovative design and engineering solutions, the production, selling and installation of prefabricated and prefinished modular systems, and market expansion across Asean countries (excluding Singapore).
“The company will pioneer the use of prefabricated prefinished volumetric construction technology to support Malaysia’s largest affordable housing development in Penang, a joint development with the Penang Development Corp and PDC Properties Sdn Bhd, secured by SkyWorld Development in December last year.
“The proposed diversification is part of SkyWorld Development group’s effort of identifying and applying new processes and innovative technology in its property development business that can enhance the overall quality and reliability of the homes being delivered to customers,” it said.
SkyWorld said the prefabricated manufacturing business will significantly enhance the group’s operational efficiency, create valuable synergies and position the company with a competitive edge, particularly in undertaking large development projects such as the proposed joint development.
“The proposed joint development is expected to commence in the second half of 2025 and span a period of 10 to 15 years with a gross development value of approximately RM13bil.
“The board believes that the prefabricated manufacturing business could revolutionise construction methodologies in Malaysia and position the group as an industry leader.”
