Skyworld Development said the project will be undertaken through the acquisition of all the fully-paid charter capital of ATP by SkyWorld Vietnam.
PETALING JAYA: Skyworld Development Bhd
’s wholly owned subsidiary, SkyWorld Development (Vietnam) Co Ltd, has signed a memorandum of understanding (MoU) with Le Van Phong and MTV Vina An Thuan Phat Co Ltd (ATP) to secure an exclusive negotiation period with regard to a project.
In a filing with Bursa Malaysia, Skyworld Development said the project will be undertaken through the acquisition of all the fully-paid charter capital of ATP by SkyWorld Vietnam, including, but not limited to, all rights and benefits attached to the project, the land lot and other assets of ATP.
It said the purchase price for the proposed acquisition is estimated at 850 billion dong (equivalent to approximately RM136mil).
Meanwhile, BIMB Research noted that SkyWorld’s financial year 2026 (FY26) outlook hinges on revenue conversion from projects like Curvo and Vesta and prefinished volumetric construction (PPVC) investments, according to BIMB Research.
The research house said Quality Assessment System in Construction (QLASSIC) scores and warranty transparency have bolstered its edge.
The property developer has established a strong reputation for delivering high-quality property developments, consistently surpassing industry benchmarks for construction quality as measured by the Construction Industry Development Board’s QLASSIC.
From 2017 to 2025, SkyWorld’s projects achieved an average QLASSIC score of approximately 81%, significantly outperforming the industry average of 69% to 73%.
The research house said new launches, including Pearlmont, Penang, will signal margin growth for the developer.
SkyWorld’s unbilled sales stand at RM483.1mil, providing revenue visibility roughly equivalent to 1.1 times FY25 revenue.
Since listing, SkyWorld has launched RM1.6bil in gross development value (GDV).
The current landbank spans 254.6 acres with an estimated remaining development value of RM19.5bil.
Elaborating on its bullishness of the developer, BIMB Research said: “The company’s superior QLASSIC score of 81.3% (versus the sector’s 73% to 74%) supports lower defect liability period costs and brand trust, while a 254.6-acre landbank (RM19.5bil GDV) offers multi-year optionality in Kuala Lumpur and Penang.
“SkyWorld’s proven execution, with RM1.6bn GDV launched since its initial public offering and over 99.8% take-up across 12 projects since 2017, alongside the Penang Joint Development Area for 35,000 affordable units (RM13bil GDV) using PPVC, enhances efficiency and sustainability, ensuring earnings visibility for several years,” it noted.
However, it said the Penang PPVC investments may encounter potential execution challenges.
