KUALA LUMPUR: ASTAKA Holdings Limited has initiated Phase 3 of its flagship project, One Bukit Senyum, in Johor Bahru through a joint venture (JV) involving a subsidiary of Kimlun Corp Bhd and Seaview Holdings Sdn Bhd.
The Johor-based property developer announced that the partnership will develop Arden @ One Bukit Senyum, the first project under Phase 3, which has a gross development value (GDV) of RM600 million.
In a statement, Astaka Holdings said that Astaka Capital Sdn Bhd (a 51:49 JV between Astaka and Seaview) will form a special purpose vehicle (JVco) with Kii Amber Sdn Bhd, a wholly-owned subsidiary of Kimlun, to undertake the Arden development.
Arden will consist of 600 units of premium serviced residences, with built-up areas ranging from 750 to 1,650 square feet. The selling price is expected to be around RM1,300 to RM1,500 per square foot.
The project is scheduled to launch in the fourth quarter of 2024 (Q4 2024), with construction anticipated to be completed within 48 months.
"We are thrilled to embark on another prestigious development that will meet the booming demand for premium real estate bordering Singapore," said Allen Khong, executive director and chief executive officer of Astaka.
"Arden will see us capitalize 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 Bahru's skyline," he said.
Pang Khang Hau, executive director of Kimlun, expressed enthusiasm for leveraging the company's vast experience in delivering high-quality construction projects and adding Arden to its growing portfolio of strategically located real estate in Malaysia.
He noted that, as a developer of iconic projects such as The Astaka and Menara MBJB, the first two phases of One Bukit Senyum, Astaka continues to set a high standard for the real estate industry in Johor.
First unveiled in 2014, One Bukit Senyum is a massive real estate development spearheaded by Astaka. Covering 11.85 acres of freehold land, equivalent to about nine football fields, One Bukit Senyum is poised to become Johor Bahru's new central commercial district (CBD) upon full development.
The development is situated 800 meters from the Johor customs, immigration, and quarantine (CIQ) complex connecting Singapore and Southern Malaysia, and 600 meters from the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link.