Last updated on December 25, 2025
KUALA LUMPUR, 26 September 2025 – SkyWorld Development Berhad, an urban property developer, reaffirmed its commitment to achieving a RM4.6 billion gross development value (GDV) target by 2026, while doubling down on its focus on urban affordable housing at its 2025 Annual General Meeting (AGM).
Shareholders approved all ordinary resolutions outlined in the AGM notice dated July 31, 2025, reflecting strong support for the company’s strategic direction. This included the adoption of audited financial statements for the year ended March 31, 2025, reappointment of all incumbent directors, and confirmation of Deloitte PLT as external auditor for FY2026.
Strong Demand for Affordable Homes
SkyWorld’s founder and non-independent executive chairman Datuk Seri Ng Thien Phing highlighted the structural demand imbalance in Malaysia’s housing market:
“We believe the take-up for urban affordable housing in Malaysia will remain robust, as demand continues to outpace supply in this segment. The house price-to-income ratio has consistently remained above 4.0, placing properties in Malaysia in the ‘seriously unaffordable’ category by global standards. This reinforces our conviction that there is significant, unmet demand for well-priced homes.”
He added that the company will continue shaping its development pipeline responsibly to meet this demand.
RM4.6 Billion GDV by 2026
Chief executive officer Lee Chee Seng reaffirmed SkyWorld’s RM4.6 billion GDV target and pointed to Penang as a key growth driver:
“We are fully committed to delivering our target of RM4.6 billion in GDV by the end of calendar year 2026. Our recent groundbreaking in Penang represents a major milestone — it is the nation’s largest affordable housing development and the first to be built using PPVC (Prefabricated Prefinished Volumetric Construction) technology in Malaysia. This breakthrough not only enhances construction efficiency and quality but also reinforces our ability to deliver urban affordable homes at scale while broadening our earnings base.”
The Penang development signals SkyWorld’s expansion beyond its Klang Valley stronghold, tapping into rising demand for affordable housing in key urban centers.
