KUALA LUMPUR / HO CHI MINH CITY, 10 September 2025 — Malaysia’s SkyWorld Development Bhd has taken a decisive step in its regional expansion drive, signing a Memorandum of Understanding (MoU) to acquire MTV Vina An Thuan Phat Co. Ltd. (ATP), the legal owner and investor of a prime residential and commercial development site near Ho Chi Minh City, Vietnam.
Under the terms of the MoU, SkyWorld’s wholly owned subsidiary, SkyWorld Development (Vietnam) Co. Ltd., will negotiate the purchase of 100% of ATP’s charter capital for an estimated VND850 billion (approximately RM136 million). The transaction remains subject to adjustments and final mutual agreement. As part of the arrangement, SkyWorld Vietnam will place a deposit of VND20 billion (RM3.2 million) in escrow within five working days, refundable if the deal does not proceed.
A Landmark Project Near Ho Chi Minh City
ATP holds land use rights for a 9,443.5-square-metre site in Lai Thieu Ward, Binh Duong Province, strategically located just outside central Ho Chi Minh City. The planned development, branded as Sai Gon – Thuan An Central, envisions a 40-storey high-rise complex with 1,241 apartment units and three basement levels, complemented by retail, service, and lifestyle amenities.
With its location near Lotte Mart, an international hospital, and major industrial parks including the Vietnam Singapore Industrial Park and Song Than Industrial Park, the project is poised to capture strong housing demand from both local buyers and the expatriate workforce. Analysts believe the development’s scale and positioning could position SkyWorld as a competitive new entrant in Vietnam’s thriving real estate market.
Expansion Strategy Beyond Malaysia
SkyWorld emphasized that the MoU represents a pivotal step in its regional growth agenda, as the company seeks to diversify beyond the Malaysian market and tap into Vietnam’s fast-growing urbanisation and housing demand. Vietnam has consistently ranked among Asia’s most attractive property investment destinations, driven by rapid GDP growth, rising middle-class incomes, and robust FDI inflows into manufacturing hubs.
The deal follows a pattern of Malaysian developers venturing abroad to balance domestic exposure with regional opportunities. For SkyWorld, the entry into Vietnam not only diversifies earnings potential but also elevates its brand presence in one of Southeast Asia’s most dynamic real estate markets.
Market Outlook and Investor Implications
If completed, the Sai Gon – Thuan An Central project is expected to contribute positively to SkyWorld’s future revenue and earnings. However, the company stressed that the MoU carries no immediate financial impact and does not impose binding obligations until a final agreement is signed.
Investors will closely monitor SkyWorld’s ability to navigate Vietnam’s regulatory environment and execution risks, though the strategic location and project scale suggest promising long-term value creation.
