KUALA LUMPUR – SkyWorld Development Berhad (“SkyWorld Development” or the “Company”), a leading urban property developer, proudly announces the signing of a Shareholders’ Agreement with Singapore-based Teambuild Holding (S) Pte Ltd (“Teambuild”). This pivotal collaboration marks SkyWorld Development’s strategic entry into the prefabricated manufacturing sector, diversifying its business portfolio while strengthening its capabilities in delivering end-to-end development solutions.
The joint venture company, Prefab Master Sdn Bhd (“Prefab Master”), will spearhead this initiative. SkyWorld Development will hold a 70% equity stake in Prefab Master, with the remaining 30% owned by Teambuild. Prefab Master will focus on research and development in innovative design and engineering solutions, the production, selling and installation of prefabricated and prefinished modular systems, and market expansion across ASEAN countries (excluding Singapore). Leveraging SkyWorld Development’s deep market insights and strong experience in local property development coupled with Teambuild’s proven expertise in Prefabricated Prefinished Volumetric Construction (“PPVC”), this partnership aims to revolutionize Malaysia’s construction industry.
PPVC technology, a cutting-edge 3D Industrialized Building System (IBS) methodology, addresses critical industry challenges such as product quality, labour shortages, and timely delivery. Prefab Master is poised to introduce these advancements to Malaysia, where PPVC adoption remains nascent.
Prefab Master will pioneer the use of PPVC technology to support Malaysia’s largest affordable housing development in Penang, a joint development with the Penang Development Corporation and PDC Properties Sdn Bhd, secured by SkyWorld Development in December last year.
This landmark project, valued at RM13 billion in gross development value, is slated for launch in 2025. It will deliver over 35,000 units of Rumah Bakat Baru Madani over a 10-year development timeline, addressing the nation’s growing demand for quality, affordable housing.
Commenting on the milestone, SkyWorld Development Chief Executive Officer Lee Chee Seng said, “The utilization of PPVC technology (3D IBS) will drive significant productivity gains, shorten construction timelines and enhancing the built quality of our product, aligning seamlessly with our principles of innovation and excellence.”
“Additionally, it enhances safety on-site and aligns with our ESG principles of minimizing construction waste, reducing dust and noise pollution, and optimizing resource efficiency. By combining Tembuild’s world-class PPVC expertise and track record, with our strong local market position, Prefab Master will deliver cost-effective, large-scale solutions tailored to the Malaysian market,” he added.
Teambuild Construction Group (“Teambuild Group”) has been at the forefront of Singapore’s construction sector since 1992 and is renowned for completing Singapore’s first PPVC-built private residential project, The Brownstone @ Canberra in 2014. This project significantly enhanced productivity by 40%, leveraging PPVC technology to become the largest global application of its kind at the time. With state-of-the-art factories in Johor Bahru and Singapore, Teambuild Group has consistently pushed the boundaries of innovation, achieving numerous milestones and garnered over 150 industry accolades. Notably, its HDB project, Punggol Northshore Edge, completed in 2022, achieved an impressive CONQUAS scores of 98, earning it the prestigious HDB Construction Award of the year.