SKYWORLD Development Group, which is acquiring a 5.51 ha site in Setiawangsa for RM176 million from Kuala Lumpur City Hall (DBKL), is looking to buy more land in the capital city.
Founder and group managing director Datuk Ng Thien Phing said the company will continue to focus on developing land in Kuala Lumpur.
“SkyWorld is a city developer. Therefore, any suitable land in Kuala Lumpur is of interest to us,” he told NST Property.
Since 2013, the city developer has acquired five parcels of land from DBKL totalling about 6.1ha, and launched affordable projects such as SkyAwani @ Sentul, SkyArena @ Setapak and SkyLuxe On The Park @ Bukit Jalil.
Ng has said SkyWorld will continue to acquire quality landbank as part of its mission to transform the city skyline.
In the latest land acquisition, SkyWorld’s subsidiary, SkySierra Development Sdn Bhd, entered into a sale and purchase agreement with DBKL.
Federal Territories Minister Khalid Samad was present at the signing ceremony.
In addition to the acquisition, SkyWorld will also assist in the relocation of the sports complex owned by the National Sports Council to Bandar Baru Nilai.
SkyWorld is planning to undertake an integrated development dubbed SkySierra in Setiawangsa.
Ng said SkySierra is set to be the first integrated development in the area with towers dominating the skyline.
The project will comprise residential and commercial components, and will have a gross development value (GDV) of more than RM1 billion.
Ng said the first phase, known as The Valleys, with a total land area of 1.9ha, will feature three residential towers—Tower A (48 storeys), Tower B (43 storeys) and Tower C (54 storeys).
The three towers will offer a total of 1,309 units with a GDV of RM776 million.
Prices start from RM450,000 for the units, ranging from 800 to 1,318 sq ft, said Ng.
“We are targeting to launch The Valleys before the end of this year. We are bullish on its prospects thanks to the location and pricing. We are targeting first-time housebuyers, investors, upgraders and blue-collar workers.”
Ng also said the project will feature various facilities and flexible dual-key homes.
Setiawangsa is about 5km distance to the city centre.
He said the project is easily accessible via major highways such as the Duta-Ulu Kelang Expressway, Ampang Elevated Highway and Middle Ring Road 2. There is also direct access from Jalan Jelatek to Jalan Ampang.
At the signing ceremony, Khalid said the government is looking to improve the infrastructure in Setiawangsa.
The construction of the Setiawangsa-Pantai Expressway will enhance rail and road connectivity.