Skyworld Development Berhad (Ampang) (Malaysia)

The Company was incorporated in Malaysia under the CA 1965 as a private limited company on 22 November 2006 and is deemed registered under the Act, under the name of Varsity Networks Sdn Bhd. On 6 February 2008, the company changed our name to NTP World Development Sdn Bhd and on 5 December 2014, the company changed our name to SkyWorld Development Sdn Bhd. We subsequently converted to a public limited company on 20 September 2022 and assumed our present name of SkyWorld Development Berhad.
The Company s principal activity are investment holding, provision of management services to our subsidiaries and property development.
The Company are an urban property developer focusing on the development of high-rise residential, commercial and affordable properties in FT Kuala Lumpur. Since the commencement of our property development business in October 2014 up to the LPD, the company have successfully launched and completed 7 developments with a total GDV of RM3.05 billion. As at the LPD, the company have 6 on-going developments in Setapak, Setiawangsa, Sentul and Taman Desa with a total GDV of RM2.85 billion and these are expected to be completed progressively between 2023 and 2026
The history of our Group can be traced back to November 2006 with the incorporation of Varsity Networks as a private limited company by Datuk Seri Ng, our founder and Non-Independent Executive Chairman who initially held 50.00 equity interest and the remaining 50.00 was held by a third-party individual, Lim Kok Kwang who later disposed all his equity interests after various restructuring to Datuk Seri Ng to focus on his own business ventures. Lim Kok Kwang is not a person connected to our Directors, Promoters and shareholders.
Since incorporation, Varsity Networks remained as a dormant company and changed its name to NTP World Development in February 2008. The company commenced operations in the general trading and contracting activities in February 2009. The company acquired 60.00 of NTP World Corporation in May 2011. Subsequently in April 2014, our Subsidiary, NTP World Corporation secured 2 plots of land through the Land Swap Agreement. In October 2014, NTP World Development launched Ascenda Residences, its maiden development. Thereafter in December 2014, NTP World Development changed its name to SkyWorld Development.
In October 2008, Datuk Lam joined our Group as Executive Director and subsequently became a 15.00 shareholder of our Company in November 2008. Later in January 2015, he was designated as the Deputy Group Managing Director and re-designated as Executive Director in January 2022.
In February 2013, Lee Chee Seng joined our Group as Chief Product Officer. He was redesignated as the Chief Operating Officer in January 2015 and was appointed to our Board as Executive Director on 1 April 2016 before he assumed the role of Deputy Chief Executive Officer in January 2021. He was subsequently promoted to Chief Executive Officer in January 2022, a position he currently holds.
In December 2014, the shareholders of our Company were Datuk Seri Ng (who held 77.00 equity interest), Datuk Lam (who held 22.00 equity interest) and Zafidi Bin Mohamad (who held the remaining 1.00 equity interest). In January 2018, Datuk Seri Ng and Datuk Lam transferred 4.80 and 1.35 equity interest respectively to Lee Chee Seng who subsequently held a collective 6.15 equity interest. After various restructuring, the shareholders of our Company and their respective equity interests as at the LPD are Datuk Seri Ng (69.34 ), Datuk Lam (19.99 ), Lee Chee Seng (5.96 ) and Zafidi Bin Mohamad (4.71 ).
In 2015, Launched SkyAwani Residences, our first high-rise mixed development comprising high-rise affordable condominium with shops and office units in Sentul, FT Kuala Lumpur. The development was completed in June 2018 and is 100 sold as at the LPD. Our SkyAwani Series of affordable developments are under the Residensi Wilayah affordable housing scheme introduced by the Government.

In 2016, Launched Phase 2 of SkyArena Master Development, Bennington Residences in Setapak, FT Kuala Lumpur with a total GDV of RM443.60 million. The development was completed in June 2019 and has a take-up rate of approximately 98 as at the LPD. Launched our first high-rise serviced apartments namely SkyLuxe On The Park Residences in Bukit Jalil, Kuala Lumpur with a GDV of RM409.67 million. The development was completed in February 2020 which was 100 sold as at the LPD. The company entered into a Joint Development Agreement (“JDA”) with various private land owners to acquire 9.97 acres of land in Setapak, FT Kuala Lumpur with a total purchase consideration of RM161.38 million via our Subsidiary, SkySanctuary Development. Subsequently in 2017, the company received approval from the Federal Territories Land and Mines Office for the amalgamation of the said land with a premium payment of RM14.00 million. Pursuant to the amalgamation of land, we have 19.14 acres of land under our Subsidiary, SkySanctuary Development.
In 2017, Launched SkyAwani II Residences, a mixed development comprising affordable residential and commercial properties in Sentul, FT Kuala Lumpur with a GDV of RM265.15 million. The development was completed in February 2020. As at the LPD, the residential units were 100 sold while the commercial units had a take-up rate of approximately 46 . Our Subsidiary, SkyWorld Capital, established a RM600 million IMTN and RM400 million ICP programme in November 2017 followed by the issuance of RM50 million IMTN in December 2017 and issuance of ICP totalling RM29.46 million between January 2018 and July 2018. The IMTN and ICP were fully redeemed in 2018 and the IMTN and ICP programmes were subsequently retired in July 2020. Launched a mobile application namely SW Connects, a value-added service to the home owners with features including site progress update, reservation of common facilities and monthly financial record keeping, and customer service.
In 2018, Launched our SkyWorld Quality Centre in Setapak, FT Kuala Lumpur to showcase our commitment to QLASSIC, a quality assessment system in construction introduced by CIDB. The quality centre is designed to educate the general public on the quality of workmanship of a development. This is in line with our management's emphasis and commitment on providing quality property developments to the market. Launched SkyMeridien Residences comprising high-rise serviced apartments in Sentul, FT Kuala Lumpur with a total GDV of RM489.00 million. The development was completed in February 2022 and as at the LPD, we achieved a take-up rate of approximately 96 . Launched SkyAwani III Residences, a high-rise affordable condominium in Setapak, FT Kuala Lumpur with a total GDV of RM572.67 million. The development was completed in April 2022 and as at the LPD, it is 100 sold.
In 2019, Our Subsidiary, SkySierra Development entered into a SPA for the acquisition of 13.61 acres of land in Setiawangsa, FT Kuala Lumpur (“SkySierra Land ) from Datuk Bandar at a total consideration of RM176.51 million comprising RM127.00 million for the land acquisition and RM49.51 million for the cost of relocation of the sports complex erected on part of the second parcel of SkySierra Land ( Parcel 2”) (“MSN Sports Complex”). The relocation works include construction of a new sports complex at Bandar Baru Nilai (“Nilai Sports Complex”) and relocation of MSN's equipment from MSN Sports Complex to Nilai Sports Complex. The relocation of the MSN Sports Complex was completed in June 2020. Launched our SkyHome Campaign by participating in Maybank Islamic Berhad's HouzKEY programme under the Rent To Own (RTO) scheme. HouzKEY is a programme to facilitate homeownership where the potential home owners can rent a property for up to five years and after the first year, the lessee has the option to purchase the property based on the price fixed at the time the lease agreement was signed. As at the LPD, the company sold 157 units of our developments under the HouzKEY 2.0 programme where the SPA for the purchase of the property is signed with Maybank Islamic Berhad. Subsequently, in 2021, we also participated in the HouzKEY 4.0 programme where the SPA for the purchase of the property is signed directly with the individual purchaser. As at the LPD, we sold 228 units of our developments under the HouzKEY 4.0 programme.
Launched SkyAwani IV Residences, a high-rise affordable apartment in Setapak, FT Kuala Lumpur with a total GDV of RM534.90 million. This is an on-going development which is expected to be completed by 2023. As at the LPD, the company achieved a take-up rate of 100 . Launched SkySierra, an integrated development in Setiawangsa, FT Kuala Lumpur. The SkySierra development comprises 4 phases where Phase 1 of SkySierra development is SkySierra Residences (The Valley), a high-rise residential development with a total GDV of RM759.66 million. This is an on-going development which is expected to be completed by 2023. As at the LPD, we achieved a take-up rate of approximately 99 . The remaining phase 2, 3 and 4 are for our planned developments.
In 2020, Launched SkyAwani V Residences, a high-rise affordable apartment in Sentul, FT Kuala Lumpur with a total GDV of RM188.27 million. This is an on-going development which is expected to be completed by 2024. The Company achieved a take-up rate of approximately 99 as at the LPD. Launched SkyVogue Residences, a high-rise condominium in Taman Desa, FT Kuala Lumpur with a total GDV of RM278.89 million. This is an on-going development which is expected to be completed by 2025. We achieved a take-up rate of approximately 95 as at the LPD.
In 2021, Launched the SkySanctuary development where the main theme features park and lakeside living with access to a private 2.92-acre landscaped park in Setapak, FT Kuala Lumpur. The SkySanctuary development comprises 5 phases where Phase 1 of SkySanctuary is EdgeWood Residences with a total GDV of RM517.93 million. As at the LPD, the take-up rate was approximately 92 . The development is expected to be completed by 2025. The phases 2, 3 and 4 are for our planned apartment development, while the remaining phase 5 is reserved for future development
In 2022, As part of our management's intention to improve our customer experience while providing convenience and accessibility to services, the company launched an additional module namely Solution Plus (Solution+) to SW Connects in March 2022. This enhanced feature is designed to connect SkyWorld home owners with products and services such as interior design, renovations, furniture, home appliances, telecommunications subscription services, home movers and other services. In April 2022, we launched SkyCraft, an online interactive website designed to obtain preliminary feedback from the market including preferred colour scheme, preferred concept and building design, type of facilities, interior design and landscape design for upcoming developments.
In January 2023, the company launched Curvo Residences, a high-rise condominium in Setapak, FT Kuala Lumpur with a total GDV of RM574.57 million. this is an on-going development which is expected to be completed by 2026.