From left: Kimlun Corp Bhd executive director Chin Lian Hing, Kimlun executive director Pang Khang Hau, Astaka Holdings’ subsidiary, Astaka Padu Sdn Bhd director Abd Aziz Bin Daing Rahman, Astaka CEO Allen Khong, Seaview Holdings Sdn Bhd executive director Daeng Fatin Zulaika A Malek and Seaview head of corporate finance Ong Chin Chin.
KUALA LUMPUR: Johor-based integrated property developer, Astaka Holdings Limited has launched Phase 3 of its flagship development, One Bukit Senyum in Johor Baru.
In a statement, Astaka said this phase is launched through a joint venture (JV) involving a subsidiary of Kimlun Corp Bhd
and Seaview Holdings Sdn Bhd, a leading real estate investor in Malaysia.
The JV will undertake the development of Arden @ One Bukit Senyum, being the first project under Phase 3 of One Bukit Senyum.
Astaka said Arden has a gross development value (GDV) of RM600mil and comprises 600 units of premium serviced residence in a skyscraper building.
Built-up areas will range from 750 square feet to 1,650 square feet, priced at around RM1,300 to RM1,500 per square foot. The project is slated to launch in the fourth quarter of 2024, with construction expected to be completed within 48 months.
“Arden will see us capitalise on our expertise in the high-end market segment and build upon our reputation as developers of iconic property projects.
“By combining our capabilities in property development with Kimlun, one of our longest-standing working partners, and one of the leading construction firms in Johor, we are confident that the development of Arden will become another landmark in Johor Baru’s skyline,” Astaka executive director and chief executive officer Allen Khong said.
Meanwhile, Kimlun executive director Pang Khang Hau said: "We are thrilled to expand our working relationship with Astaka, one of Johor's premier real estate developers, through this joint venture.
"We look forward to leveraging our vast experience in delivering high-quality construction projects and adding Arden to our growing portfolio of strategically located real estate in Malaysia."
One Bukit Senyum, unveiled in 2014 is a major real estate project led by Astaka. Spanning 11.85 acres of freehold land—roughly nine football fields in size—One Bukit Senyum aims to become Johor Baru's new central business district (CBD) upon completion.
The development is 800 meters from the Johor CIQ complex linking Singapore and southern Malaysia, and just 600 meters from the upcoming Johor Bahru–Singapore RTS Link.
Astaka said its indirect 50.99%-owned unit, Astaka Capital Sdn Bhd shall form a special purpose vehicle (JVco) with Kii Amber Sdn Bhd, a wholly-owned subsidiary of Kimlun, to undertake the development of Arden.
Astaka announced on May 31, 2023, that Astaka Capital, a 51:49 joint venture with Seaview, will undertake the development of Phase 3 of One Bukit Senyum.
