Malaysia’s leading Real Estate law firm, Halim Hong & Quek (HHQ), advised SkyWorld Development Berhad in a transformative collaboration with The Penang Development Corporation (PDC) and PDC Properties Sdn Bhd (PDCP). This partnership sets the stage for the development of Malaysia’s largest affordable housing initiative, valued at an estimated RM13 billion in gross development value (GDV).
The project represents a significant milestone in addressing Malaysia’s pressing housing needs by delivering affordable housing for the B40 and M40 income groups, empowering more Malaysians to achieve homeownership.
Key Project Highlights
- • Housing Schemes: Development of Rumah Mampu Milik and the innovative Rumah Bakat Baru MADANI housing schemes.
- • Affordable Pricing: Homes priced between RM225,000 and RM420,000, ensuring accessibility for targeted income groups.
- • Land Acquisition: 195.54 acres of prime land in Batu Kawan and Seberang Jaya were acquired for RM502.7 million, complemented by a project management fee of RM40.2 million.
The project aims to reshape affordable housing in Malaysia by integrating sustainable design and strategic public-private collaboration.
HHQ’s Role
Our Real Estate Practice Group, led by partners Lim Jus Tine, Lim Yoke Wah and Noelle Low, worked alongside Managing Partner, Dato’ Quek Ngee Meng, and Senior Associate, Laurel Lim, from the Capital Markets and M&A team. Together, the team provided comprehensive legal support in drafting, negotiating, and finalising the Joint Development Agreement (JDA) and the Sale and Purchase Agreement (SPA) for the land in Seberang Jaya.
HHQ also collaborated closely with a due diligence working group, ensuring all critical terms, disclosures, and material information were meticulously reviewed for accuracy. This included preparing detailed documentation to guide public shareholders in making informed decisions ahead of the upcoming EGM vote.
Industry-Leading Expertise
Lim Jus Tine, partner at HHQ, shared her thoughts:
“This project demonstrates the power of strategic partnerships in addressing housing challenges. We are honoured to have played a pivotal role in a development that directly contributes to Malaysia’s housing and economic goals.”
The signing ceremony was a high-profile event graced by Prime Minister Datuk Seri Anwar Ibrahim, Housing and Local Government Minister Nga Kor Ming, and Penang Chief Minister Chow Kon Yeow.
Advancing National Housing Goals
This collaboration highlights HHQ’s dedication to supporting impactful projects that prioritize national objectives, including affordable housing and sustainable urban development. With decades of expertise in real estate, capital markets, and corporate law, HHQ continues to deliver innovative and practical solutions to its clients.
Looking Ahead
As Malaysia pushes forward with its national housing agenda, HHQ remains committed to championing initiatives that bridge the gap between private enterprise and public policy.
