KUALA LUMPUR, 9 September 2025 — SkyWorld Development Bhd, through its wholly-owned unit SkyWorld Development (Vietnam) Co Ltd, has taken a decisive step in its regional expansion strategy by entering into a memorandum of understanding (MoU) with Vietnamese partners Le Van Phong and MTV Vina An Thuan Phat Co Ltd (ATP). The agreement grants SkyWorld the right to negotiate the acquisition of ATP, which legally owns the highly coveted Sai Gon – Thuan An Central project in Ho Chi Minh City, Vietnam.
The proposed deal, valued at around VND850 billion (RM136 million), involves acquiring ATP’s charter capital. The acquisition includes rights to a prime 9,443.5-square-metre land parcel situated in Lai Thieu Ward, Binh Duong Province. The location is earmarked for a landmark 40-storey residential and commercial complex, comprising 1,241 apartment units alongside three basement levels.
Exclusive Negotiation Period and Deposit
Under the terms of the MoU, SkyWorld Vietnam has been granted a three-month exclusive negotiation and due diligence window to finalise the transaction. To secure the exclusivity, SkyWorld will place a deposit of VND20 billion (RM3.2 million) in escrow. The company emphasised that this deposit is refundable should the deal not materialise, minimising immediate financial risk while allowing for comprehensive due diligence.
Strategic Value of the Project
SkyWorld described the project as strategically located, with proximity to Lotte Mart, an international hospital, and several major industrial parks, offering both strong lifestyle conveniences and robust connectivity to surrounding commercial hubs. The company views the project as a natural extension of its urban development expertise, positioning the site as a future landmark in the rapidly expanding Ho Chi Minh City metropolitan area.
Expanding Regional Footprint
The MoU marks a significant milestone in SkyWorld’s regional growth ambitions, signalling its intent to extend its development expertise beyond Malaysian borders into one of Southeast Asia’s most dynamic property markets. The group noted that if the transaction proceeds, the project could make a positive contribution to revenue and earnings in the medium to long term. However, the MoU itself carries no immediate financial impact or binding obligations, reflecting a cautious but deliberate approach to international expansion.
Industry analysts observe that Malaysia’s property developers are increasingly seeking growth opportunities in Vietnam, where rising urbanisation, a growing middle class, and government support for foreign investment have created a strong demand base for modern residential and mixed-use projects. SkyWorld’s move positions it among a growing list of regional developers diversifying portfolios to tap into Vietnam’s robust real estate momentum.
Outlook
For SkyWorld, the MoU is more than just a transaction—it represents a foothold in a high-growth regional market with immense long-term potential. If successful, the deal could not only enhance SkyWorld’s earnings profile but also cement its reputation as a regional property player with ambitions extending well beyond Malaysia’s borders.
