SkyWorld Development Bhd1 is targetting to launch over RM3.5 billion of development projects within the next two years, while capitalising on both the Malaysian and Vietnamese housing markets for future growth, said SkyWorld Development Chief Executive Officer (CEO) Lee Chee Seng in a press statement released by the company on Friday.

"With the encouraging property market sentiment, we believe that we are on track to meet our commitment to launch developments with a cumulative GDV2 of RM4.6 billion by 2026 since our listing. To date, we have launched projects with cumulative GDV of RM1.1 billion. Looking ahead, the cumulative GDV for our pipeline of planned developments to be launched within the next 2 years is more than RM3.5 billion. We are also continuing our efforts to identify potential sites in Malaysia and Vietnam to capitalise on new growth opportunities for future development," said the CEO.

According to the CEO, the company's collaboration with PR1MA to develop affordable housing worth RM191.5 million aligns with its mission of promoting a strong sense of community for the residents.

The company today also announced its quarterly financial results for the second quarter ended 30 September 2024 for the financial year ending 31 March 2025 (FY2024/25).

For the second quarter of FY2024/25, SkyWorld Development recorded a 45.4% surge in profit after tax3 quarter-on-quarter (QoQ) to RM14.5 million on the back of a quarterly revenue totalled at RM124.3 million.

The growth in revenue could be attributed to higher progressive income recognised from four ongoing development projects, namely Edgewood Residences, SkyVogue Residences, Curvo Residences and Vesta Residences.

Nevertheless, revenue was lower year-on-year, arising from the operation of SkyAwani IV Residences and SkyAwani V Residences.

SkyWorld Development's financial position remains robust, backed by RM437.3 million in cash and bank balances and a net gearing ratio of 0.03 times as at 30 September 2024.

The Board of Directors has proposed an interim single-tier dividend of 0.5 sen per ordinary share in respect of FY2024/25 which shall be paid on 30 December 2024.

1. SkyWorld Property is an urban property developer specialising in the development of high-rise residential and commercial properties as well as affordable residential projects. ︎
2. GDV: Gross Development Value ︎
3. Profit after tax: Profit after tax attributable to owners ︎