KUALA LUMPUR, Dec 11 — Skyworld Development Bhd’s shares were among the most actively traded stocks this morning, bolstered by news that the company has entered into two strategic agreements with Penang Development Corporation and PDC Properties to jointly develop more than 35,000 affordable housing units in Penang.

The projects have an estimated gross development value of RM13 billion.

Under the joint development agreement (JDA), the three parties will jointly develop the Rumah Mampu Milik and the newly announced Rumah Bakat Baru MADANI schemes in Penang, with houses priced between RM225,000 and RM420,000, making homeownership more accessible for the B40 and M40 segments.

At 10.18 am, Skyworld rose by 3.5 sen or 5.6 per cent to 66 sen, with 14.31 million shares traded.

In a note today, Kenanga Investment Bank Bhd said that the project is the largest in the country.

"The project aims to resolve the shortage of affordable homes in Penang, particularly as the growth of the electrical and electronic industry is likely to see an influx of skilled professionals in the state, going forward.

"That said, to improve homeownership in the state, 50 per cent of the units will be allocated to Penang-registered voters, with the remaining 50 per cent being open to other buyers,” it said.

The research firm added that although the development is set to commence in 2026, investors may react positively to the news as it greatly bolsters the company’s long-term project pipeline, lifting Skyworld out of an otherwise lacklustre earnings phase by end-2026.

"We call to ‘add’ with a fair value of RM1.14 per share,” it said. — Bernama