Bakat Baru Madani affordable housing set for launch in April, says Penang CM, with construction of 38,000 units over 10 years.

On Dec 10 last year, the prime minister witnessed the signing of the joint development agreement for the Bakat Baru Madani Affordable Housing Project between the Penang Development Corporation (PDC), PDC Properties and SkyWorld Development Bhd (KL:SKYWLD).

The project, which carries a gross development value of RM13 billion, is hailed as the nation’s largest affordable housing development to date.

PHILIP CAPITAL - We expect sequentially stronger 4QFY25 earnings, driven by higher progress billings from ongoing projects, coupled with the final milestone billings from the completion of EdgeWood and SkyVogue.

We trim our FY25/26 earnings by 13%-25% to account for the delayed launch for SkyAmanyi and higher effective tax rate. We raise our FY27 earnings forecast by 1% after incorporating a better progress recognition for SkyAmanyi. We maintain our revised net asset value-derived target price and “buy” call, as we continue to like SkyWorld’s robust project pipelines, driven by its recent RM13 billion venture into Penang’s affordable housing segment.

Skyworld’s recent venture into the affordable housing sector in Penang is still ongoing and is expected to deliver stronger sequential earnings in 4Q25, supported by higher progress billings from ongoing projects, as well as final milestone billings from the completion of EdgeWood and SkyVogue