KUALA LUMPUR (April 23): Property developer SkyWorld Development Group is acquiring a 5.508ha (13.61-acre) site in Setiawangsa, Kuala Lumpur, from Datuk Bandar Kuala Lumpur for RM176 million.

In a statement today, SkyWorld said its subsidiary SkySierra Development Sdn Bhd has entered into a sale and purchase agreement with Datuk Bandar Kuala Lumpur today for the purpose of the acquisition.

In addition to the acquisition, SkyWorld said it will assist to relocate the existing sports complex owned by Majlis Sukan Negara (MSN) to Bandar Baru Nilai.

It was noted that the Minister of Federal Territories Khalid Samad was present to witness the signing ceremony for the deal that was held today at SkyWorld Property Gallery in Setiawangsa.

According to Khalid, the land purchase was done under an arm's length transaction and complied with all the governance requirements.

He also added that the government is looking into improving the infrastructure in Setiawangsa and with the construction of Setiawangsa-Pantai Expressway (SPE), also known as Duta-Ulu Kelang Expressway (DUKE) Phase 3; it will enhance the connectivity with the existing expressway and public rail transportation system.

SkyWorld founder and group managing director Datuk Ng Thien Phing said the piece of land will be utilised for a mixed development known as SkySierra, in which the first phase of the development — comprising residential properties — has a gross development value (GDV) of RM776 million. Commercial and business components will be developed in Phase 2.

"We are confident that the future residents and owners will enjoy the best of city life given the strategic location and readied amenities surrounding this development.

"With its well connectivity to major highways like Duta-Ulu Kelang Expressway (DUKE), Ampang Elevated Highway (AKLEH) and Middle Ring Road II (MRR2), we will be developing this Setiawangsa land into a vibrant and thriving integrated development," he said.

The first phase of SkySierra, known as The Valleys, is expected to launch in the second half of 2019 pending approvals and is expected to take about four years to complete.

The Valleys will feature 1,309 homes with a "low entry price made affordable for today's urbanites" that come with over 40 types of facilities within a five-acre space.