PENGERANG: Johor-based property developer Astaka Holdings Limited is expecting a population of 20,000 for its Bukit Pelali development here, once the mixed township, with an estimated gross development value (GDV) of RM2.3 billion, is fully completed.
Its chief executive officer Datuk Zamani Kasim told a press conference at its newly-launched sales gallery here today that the 147-hectare strata township will be developed in eight to 10 years.
Zamani said Bukit Pelali is currently like Iskandar Puteri in Iskandar Malaysia, back in 2010.
"If you were to ask me even five years ago if I would take the risk or challenge of building such a development, I would not have.
"But now, I dare to take the calculated risk due to the site's close proximity to the Pengerang Integrated Petroleum Complex (PIPC), which anticipates 70,000 workers," he said.
The Bukit Pelali development, comprising 3,884 residential units, including 1,598 Rumah Mampu Milik Johor homes, will also feature shop offices, a private hospital, a community mall, a school, a mosque and other facilities.
The Sultan of Johor Sultan Ibrahim Sultan Iskandar launched the sales gallery and the project, which is 51 per cent owned by Astaka, while Saling Syabas Sdn Bhd holds a 49 per cent stake.
"Fifty per cent of Phase 1A of the project, comprising 343 terrace houses and 19 shophouses, have already been taken up," Zamani said, adding that Phase 1B is expected to be launched soon.
"The Rumah Mampu Milik Johor will cost RM90,000 each, while the three-storey shop offices could cost over RM1 milion each," he added.
Banks like Bank Islam and Maybank are also in talks with the group to venture into Bukit Pelali, which has been envisioned as an emblem of Pengerang.
It is designed to complement Saudi Aramco’s massive investment in a PIPC downstream project, the Refinery and Petrochemical Integrated Development, to be developed by Petronas.
Also present at the launch today were Astaka's founder, Datuk Daing A. Malek A. Rahman, Astaka's chief operating officer Daeng Hamizah Abd Aziz, and Astaka's chief financial officer Lee Shih Yi.