KUALA LUMPUR: SkyWorld Development Bhd is set to deliver over 35,000 affordable housing units in Penang, with an estimated gross development value (GDV) of RM13 billion.
This initiative comes under two joint development agreements (JDAs) signed with the Penang Development Corporation (PDC) and PDC Properties (PDCP).
Under the agreements, the parties will collaborate to develop Rumah Mampu Milik (RMM) and the newly introduced Rumah Bakat Baru Madani (RBB) housing schemes.
These homes, priced between RM225,000 and RM420,000, aim to make homeownership more attainable for the B40 (Middle 40 per cent income) group or those with household income below RM11,800 a month, and the M40 group.
The project spans two locations in Seberang Perai, totalling 195.54 acres, which will be acquired for RM502.7 million.
The first is a 34-acre site on Jalan Todak, Seberang Jaya, directly opposite the Penang Bird Park, while the second is a 161.50-acre site in Batu Kawan, near the Design Village Outlet Mall. Collectively, these sites will house around 34,000 units of Rumah Bakat Baru (RBB), available for purchase on the open market.
Rumah Bakat Baru (RBB) is the government's latest housing initiative, designed to provide non-Penang residents with the chance to own homes in the state. The typical units span 900 square feet and feature three bedrooms and two bathrooms. The development will also include amenities such as a swimming pool, gymnasium, multipurpose hall, and playground.
Additionally, a project management fee of RM40.2 million will be paid, with both amounts subject to a 6.0 per cent annual increment over a 10-year payment period.
The development's first phase is slated for a 2026 launch, with the entire project expected to span 15 years.
Signing the JDA were SkyWorld Development's chief executive officer (CEO), Lee Chee Seng; SkyWorld Development's founder and executive chairman, Datuk Seri Ng Thien Phing; Penang Development Corporation's CEO, Dauk Aziz Bakar; and PDC Properties' CEO, Ismail Ishak.
The signing was witnessed by Prime Minister Datuk Seri Anwar Ibrahim, Housing and Local Government Minister Nga Kor Ming, and Penang Chief Minister Chow Kon Yeow.
Chow said in his speech that the RMM and RBB housing components will utilise Industrialised Building System 3D (IBS 3D)—Prefabricated Prefinished Volumetric Construction (PPVC) technology, making Penang the first state in Malaysia to implement such technology for constructing affordable homes, aligning with the principles of environmental, social, and governance (ESG).
Lee said SkyWorld's selection for this landmark development in Penang underscores the company's ability to meet the demands of a growing, vibrant market with its proven expertise.
"Penang's status as the 'Silicon Valley of the East' and its thriving electrical and electronics (E&E) sector have created a pressing need for quality housing, and SkyWorld Development is uniquely positioned to deliver," he said.
Lee added that being chosen through a rigorous Request for Proposal (RFP) process affirms the confidence placed in the company's capability to develop projects that align with Penang's growth trajectory.
"This development is about more than expansion... it reflects our commitment to ensuring more Malaysians can own a quality home that enhances their lives while creating meaningful opportunities for sustainable growth and value."