Malaysian realty developer SkyWorld seeks opportunities in Vietnam
Malaysia’s SkyWorld, developer of the well-known Genting SkyWorlds Theme Park, is looking for strategic plots in Malaysia and Vietnam to sustain its future development, said founder and executive chairman Datuk Seri Ng Thien Phing.
The executive made the statement at the firm’s performance review for fiscal year 2024 (ending March 2024) on Tuesday. SkyWorld remains “cautiously optimistic moving forward”, supported by a high number of unbilled sales which will continue to provide earnings visibility for the next couple of years, he added.
Genting Skyworlds theme park in Malaysia. Photo courtesy of Malay Mail newspaper.
Reviewing major activities in the period, SkyWorld said in September 2023, its wholly-owned subsidiary SkyWorld Development (Vietnam) Company Limited entered into a conditional shares sale and purchase agreement for the acquisition of a prime land lot located in Ward 16, District 8, Ho Chi Minh City. The deal has a total cash consideration of VND350 billion ($14.5 million).
The completion of the proposed acquisition is pending the fulfilment of the condition precedent of the agreement, SkyWorld added.
For fiscal year 2024, SkyWorld earned a post-tax profit of MYR106.7 million ($22.7 million) on a revenue of MYR668.6 million, down 30% and 18.2% year-on-year, respectively.
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