SkyWorld Sealed Setiawangsa Land Deal

On 23 April 2019, SkyWorld Development Group is buying a 5.508 hectare site in Setiawangsa, Kuala Lumpur, from Datuk Bandar Kuala Lumpur for RM176 million. The city developer has entered into a sale and purchase agreement with Datuk Bandar Kuala Lumpur to acquire the land for the purchase price of approximately RM176 million. In addition to that, SkyWorld will assist to relocate the existing sports complex owned by Majlis Sukan Negara (MSN) to Bandar Baru Nilai.

The signing ceremony for the deal was held today, at SkyWorld Property Gallery @ Setiawangsa, Kuala Lumpur between its subsidiary company, SkySierra Development Sdn Bhd and Datuk Bandar Kuala Lumpur.  YB Tuan Khalid bin Abd Samad, Minister of Federal Territories was present to witness this momentous ceremony. According to YB Khalid Samad, this land purchase is under an arm’s length transaction and complied with all the governance requirements.

YB also added that the government is looking into improving the infrastructure in Setiawangsa and with the construction of Setiawangsa-Pantai Expressway (SPE) also known as Duta-Ulu Kelang Expressway (DUKE) Phase 3; it will enhance the connectivity with the existing expressway and public rail transportation system. 

Datuk Ng Thien Phing, Founder and Group Managing Director of SkyWorld shared that this piece of land is envisioned as a mixed development known as SkySierra, and will be launched in phases. The first phase of the development, which comprises of residential properties, has a gross development value (GDV) of RM776 million. Commercial and business components will be developed in Phase 2. 

“We are confident that the future residents and owners will enjoy the best of city life given the strategic location and readied amenities surrounding this development. SkySierra is only 5km to Kuala Lumpur city centre and located next to Aeon AU2 Mall. With its well connectivity to major highways like Duta-Ulu Kelang Expressway (DUKE), Ampang Elevated Highway (AKLEH) and Middle Ring Road II (MRR2), we will be developing this Setiawangsa land into a vibrant and thriving integrated development” said Ng. The Valleys being the first phase of SkySierra is expected to launch in the second half of 2019 pending approvals and is expected to take about four years to complete. This development offers 1,309 residences with a low entry price made affordable for today’s urbanites. It boasts an over 5 acres of unique facilities with over 40 types of lifestyle facilities to pamper its future residents. Aligned with its quality commitment, it focuses on high quality finishes and will be certified to QLASSIC standards as well as Green Building Index (GBI).