KUALA LUMPUR, April 24 — Prominent Malaysian developer SkyWorld Development Group (SkyWorld) has sealed a deal with Datuk Bandar Kuala Lumpur worth RM176 million.
The sales and purchase agreement will see SkyWorld acquiring 5.508 hectares of land located in Setiawangsa.
SkyWorld will also be assisting in the relocation of a sports complex owned by the National Sports Council to Bandar Baru Nilai as part of the agreement.
The signing ceremony for the deal was held yesterday at the SkyWorld Property Gallery in Setiawangsa between SkyWorld’s subsidiary company, SkySierra Development Sdn Bhd, and Datuk Bandar Kuala Lumpur.
Federal Territories Minister Khalid Samad was present to witness the ceremony and gave reassurance that the purchase was made in the self-interest of both parties and complied with all governance requirements.
Khalid added that the government was looking into improving infrastructure in Setiawangsa with the construction of the Setiawangsa-Pantai Expressway (SPE) also known as Duta-Ulu Kelang Expressway (Duke) Phase Three.
The project will provide motorists with better connectivity to the existing expressway and the public rail transportation system.
SkyWorld founder and group managing director Datuk Ng Thien Phing said the newly-bought land will be used for a mixed development project known as SkySierra which will consist of residential lots and commercial properties.
SkySierra has a gross development value (GDV) of RM776 million and will be launched in phases starting with the residential properties in the second half of 2019.
Named The Valleys, the residential properties will take around four years to complete.
“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.
“With its 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,” Ng said in a press release.
The Valleys will feature 1,309 residences at an affordable entry price perfect for today’s young urbanites.
Forty types of lifestyle facilities will be spread out over five acres of land to pamper its future residents.
In line with SkySierra’s commitment to quality, The Valleys will also focus on high-quality finishes and will be certified to Qlassic standards as well as the Green Building Index (GBI).
