PETALING JAYA: Skyworld Development Bhd is acquiring a parcel of land measuring approximately 25.9 acres in Batu Kawan, Penang for RM48.51mil.

The land forms part of a previously announced joint development to build affordable homes in Penang.

In a filing with Bursa Malaysia, SkyWorld said the land, referred to as Parcel 1, is part of a larger 161.5-acre tract located in Bandar Cassia, Seberang Perai Selatan, that will be developed into Rumah Bakat Baru Madani homes.

The project is part of a joint development agreement between SkyWorld, the Penang Development Corp (PDC) and its subsidiary PDC Properties.

“The proposed Parcel 1 acquisition facilitates the proposed joint development which enables SkyWorld to carry out and complete the development of Parcel 1 into Rumah Bakat Madani in the Penang region.

“Barring any unforeseen circumstances, the board expects the proposed Parcel 1 acquisition to be rendered unconditional by the second quarter of 2026,” it said.