KUALA LUMPUR: Skyworld Development Bhd's wholly-owned subsidiary, Aspirasi Cekap Sdn Bhd (ACSB), has entered into a joint development agreement with PR1MA Corporation Malaysia to build affordable homes.

In a Bursa Malaysia filing today, the company said that the project in Brickfields, Kuala Lumpur, known as SkyAwani Prima, features 491 apartment units, each with a built-up area of 900 square feet. 

SkyAwani Prima is situated on leasehold land measuring approximately 0.80 hectares, offering each unit at a price of RM390,000.

"The collaboration between SkyWorld Development Group and PR1MA in building affordable housing in Brickfields addresses the growing demand for affordable living spaces while promoting community development," Skyworld said. 

Given the strategic location of the project and the affordable pricing, it is a viable option for middle-income households and first-time home buyers seeking affordable housing, it added. 

Under the terms of the agreement, ACSB will be responsible for the development and construction of the project, which has a gross development value of RM191.49 million.

In return, PR1MA is entitled to receive RM32.17 million as land cost.

Barring any unforeseen circumstances, the project development period is expected to be completed within 48 months from the construction commencement date.

In a statement, SkyWorld Development's chief executive officer Lee Chee Seng said with the strategic location of Brickfields, the company is optimistic about the potential for strong demand and committed to making a meaningful impact in the affordable housing sector.

"Together with PR1MA, we aim to create living spaces that not only provide shelter but also foster a sense of community and improve the overall quality of life for residents," he said. 

 - BERNAMA