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SkyWorld to buy KL land for RM176 mln

Last update: 23/04/2019

KUALA LUMPUR, April 23 (Bernama)  -- SkyWorld Development Group will be buying a 5.508 hectare land in Setiawangsa from Datuk Bandar Kuala Lumpur for RM176 million.

Skyworld group managing director and founder Datuk Ng Thien Phing said the land would be used for a mixed-development project known as SkySierra.

“The project will be launched in phases and the first phase of the development, which comprises of residential properties, has a gross development value (GDV) of RM776 million,” he said in a statement today.

The Valleys being the first phase of SkySierra is expected to be launched in the second half of 2019, pending approvals and is expected to take about four years to complete.

“This development offers 1,309 residential units with a low entry price made affordable for today’s urbanites,” he said.

Meanwhile, Federal Territories Minister Khalid Samad said the land purchase was made under an arm’s length transaction and complied with all governance requirements. 

-- BERNAMA