KUALA LUMPUR: Skyworld Development Bhd
's wholly-owned subsidiary Rimba Maju Realiti Sdn Bhd, has acquired a parcel of freehold land in Kuala Lumpur from MS Tan Corp Sdn Bhd for RM110mil.
In a statement, the urban property developer said the it plans to develop the 3.3032 acres of land in Mont Kiara into a high-end residential development.
It said the project will be about 200m from the Mont Kiara International School and close to major retail and lifestyle destinations.
The acquisition is expected to be completed within nine months from the date of the sales and purchase agreement. It will be funded through a combination of internally generated funds, proceeds from the initial public offering in 2023 and/or bank borrowings
“We are committed to maintaining a robust development pipeline and strengthening our land bank through strategic acquisitions.
"This latest move not only supports our long-term growth but also positions us to capitalise on Klang Valley’s evolving demand for quality urban living," said SkyWorld Development CEO Lee Chee Seng.
With the new addition, SkyWorld Development said it ha
