KUALA LUMPUR: SkyWorld Development Bhd, through its wholly-owned subsidiary SkyWorld Development (Vietnam) Co Ltd (Sky World Vietnam), will undertake a second project in Vietnam.
SkyWorld Vietnam has entered into a memorandum of understanding (MoU) with SkyVenue Land Group Joint Stock Company, SkyBridge Co Ltd, and the shareholders of SkyVenue to jointly develop the remaining plots of the Guocoland Commercial Complex project in Thuan An City, Binh Duong Province.
In a statement, the property developer said that the collaboration entails the acquisition of up to 49 per cent of SkyVenue shares from its shareholders, with SkyWorld Vietnam having the option to proceed upon the completion of the due diligence.
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.
"Located within a one-kilometre radius of Aeon Mall and major industrial parks such as Vietnam Singapore Industrial Park, the project is one of the few fully converted residential land parcels available in the market," it said.
According to Skyworld, the plots are aligned with the requirements of the new Land Law 2024 in Vietnam, citing that SkyWorld Vietnam is poised to launch the development swiftly with the master plan expected to be approved by the fourth quarter of 2024.
Founder and non-independent executive chairman Datuk Seri Ng Thien Phing said the project reflects the company's ability to leverage opportunities in Vietnam's promising market.
"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," he added.