Astaka and Kimlun break ground on Arden, Johor's newest landmark within JS-SEZ
KUALA LUMPUR: Johor-based developer Astaka Holdings Ltd, in partnership with Kimlun Corporation Bhd, has officially begun construction of Arden — a premium serviced residence that marks the first component of Phase 3 of its flagship integrated development, One Bukit Senyum.
Strategically located within the newly established Johor-Singapore Special Economic Zone (JS-SEZ), Arden is set to become a defining feature of Johor Bahru's skyline. The 68-storey tower will soar to 260 metres, making it the second tallest building in Johor Bahru, after The Astaka, also developed by Astaka Holdings.
With a gross development value (GDV) of RM800 million, Arden is a freehold project comprising 618 upscale serviced residences with built-ups ranging from 797 to 1,700 square feet. Units are priced between RM1,300 and RM1,500 per square foot, and completion is targeted for 2030.
Astaka has appointed GDP Architects Sdn Bhd — the firm behind landmark developments such as Pavilion Kuala Lumpur, TRX Residence, EQ Hotel Kuala Lumpur, and The Astaka — to lead the architectural design of Arden.
Designed for modern, urban living, Arden will feature more than 50 thoughtfully curated facilities, including sky dining, a KTV lounge, family-oriented amenities, co-working spaces, and an indoor golf simulator. A key highlight is its Hotel Stay Management model, offering property owners a fully integrated solution for short-term leasing. This includes professional unit management, housekeeping services, and dedicated guest lobbies — a concept that has already attracted strong interest from overseas buyers seeking both lifestyle flexibility and investment returns.
A groundbreaking ceremony was held on May 19, officiated by Johor Bahru City Council (MBJB) Mayor Datuk Mohd Haffiz Ahmad, to commemorate the start of construction.
"Arden is set to be a remarkable addition to Johor Bahru's skyline. It will not just be a skyscraper, but also a symbol of our rapid growth and commitment to becoming a world-class city," said Mohd Haffiz.
"As one of the major projects in Johor Bahru since the formation of the JS-SEZ, Arden stands as a testament to the confidence investors have in our city's potential. We look forward to witnessing this landmark project accelerate Johor Bahru's transformation into a vibrant and prosperous city."
Astaka Holdings executive director and chief executive officer (CEO), Allen Khong described Arden as a milestone collaboration with Kimlun, following successful joint ventures such as Menara MBJB and Aliva Mount Austin.
"I am proud to highlight that this project brings together two renowned, Johor-based real estate players dedicated to world-class developments that deliver exceptional value to residents and investors."
Khong extend his appreciation to the Johor State Government and MBJB for their continued support.
Kimlun CEO Pang Khang Hau added that the company is proud to partner with Astaka once again as a JV partner and the main contractor on another transformative project that will redefine Johor Bahru's skyline.
Launched in 2014, One Bukit Senyum is an ambitious 11.85-acre freehold integrated development, envisioned as Johor Bahru's future Central Business District (CBD). Its location — just 800 metres from the CIQ complex and 600 metres from the future Johor Bahru–Singapore Rapid Transit System (RTS) Link — makes it a prime beneficiary of cross-border infrastructure enhancements and deepening Johor-Singapore economic ties.
The development's momentum is further supported by the JS-SEZ agreement, signed in early 2024, and progress on the RTS Link, both of which are expected to significantly boost trade, connectivity, and investment flows between the two regions.
Phase 1, The Astaka, was completed in 2018, comprising two towers standing 65 and 70 storeys high. At 1,020 feet above sea level, it remains the tallest residential building in Southeast Asia, with buyers hailing from over 15 countries, including Singapore, Indonesia, China, Germany, Japan, and Finland.
Phase 2, the 15-storey Grade A Menara MBJB, was completed a year ahead of schedule in January 2020 and now houses the Johor Bahru City Council's headquarters.
Phase 3, currently in progress, will be developed in stages starting with Arden, followed by a lifestyle shopping mall and a five-star hotel, reinforcing One Bukit Senyum's role as a transformative anchor of Johor Bahru's urban and economic evolution.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
26 minutes ago
- The Star
Google to spend $500 million revamping compliance in shareholder settlement
FILE PHOTO: Miniature figures of people are seen in front of the new Google logo in this illustration taken May 13, 2025. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -Google agreed to spend $500 million over 10 years to overhaul its compliance structure, to settle shareholder litigation accusing the search engine company of antitrust violations, settlement papers show. The preliminary settlement of so-called derivative litigation against officials at Google parent Alphabet, including Chief Executive Sundar Pichai and Google co-founders Sergey Brin and Larry Page, was filed late Friday. It requires approval by U.S. District Judge Rita Lin in San Francisco. The changes include creating a standalone board committee to oversee risk and compliance, previously the responsibility of the Alphabet board's audit and compliance committee. Alphabet would also create a senior vice president-level committee to address regulatory and compliance issues, reporting to Pichai, and a compliance committee consisting of Google product team managers and internal compliance experts. Shareholders led by two Michigan pension funds accused Google executives and directors of breaching their fiduciary duties by exposing the company to antitrust liability related to its search, Ad Tech, Android and app distribution businesses. "These reforms, rarely achieved in shareholder derivative actions, constitute a comprehensive overhaul of Alphabet's compliance function," resulting in "deeply rooted culture change," the shareholders' lawyers said. The changes must remain in place at least four years. Shareholders would not be paid. Google denied wrongdoing in agreeing to settle. The Mountain View, California-based company did not immediately respond to requests for comment on Monday. The accord was disclosed the same day U.S. District Judge Amit Mehta in Washington, who last August found Google violated federal antitrust law to maintain dominance in search, completed a hearing to consider how to address the monopoly. Mehta plans to rule by August. The U.S. Department of Justice has proposed requiring Google to sell its Chrome browser and share search data with rivals. A derivative lawsuit is where shareholders sue officials on behalf of a company. The shareholders' lawyers plan to seek up to $80 million for legal fees and expenses, on top of the $500 million. They did not immediately respond to requests for comment. The case is In re: Alphabet Inc Shareholder Derivative Litigation, U.S. District Court, Northern District of California, No. 21-09388. (Reporting by Jonathan Stempel in New York, Editing by Franklin Paul)
The Star
2 hours ago
- The Star
TPG Angelo Gordon among new bidders in auction for Citgo assets
New York: Investment fund TPG Angelo Gordon is among the new bidders for Citgo Petroleum Corp's parent company as part of a court-supervised auction designed to compensate creditors of Venezuela whose assets were seized, according to people familiar with the matter. New York-based TPG Angelo Gordon has launched a so-called 'topping bid' for the shares of Citgo's US-based parent PVD Holding, according to the people, who asked not to be identified because they weren't authorised to speak publicly about the bid. TPG Angelo Gordon declined to comment last Friday. TPG agreed to acquire Angelo Gordon in May 2023 in a cash-and-stock deal valued at US$2.7bil. The bid is aimed at bettering a US$3.7bil offer by Red Tree Investments LLC for control of the refiner, which is Venezuela's largest foreign asset. Seeking more offers Red Tree's offer came after US Judge Leonard Stark in Wilmington, Delaware, shot down an earlier US$5.3bil lead bid by an affiliate of Elliott Investment Management because of flaws with the proposal. Robert Pincus – a lawyer tapped by Stark to oversee the auction – said in court filings he supported pushing back the deadline for topping offers like TPG Angelo Gordon's by 21 days in hopes it will lead to a 'more robust bidding process'. Stark granted the extension last Friday. Stark and Pincus are aiming to generate more money from the nearly year-long auction in hopes of satisfying more creditors' claims against Venezuela over the seizures initiated by late strongman Hugo Chavez. Collectively the creditors are owed more than US$20bil by the Venezuelan government and its state-owned oil company, Petroleos de Venezuela SA, or PDVSA, which controls Citgo. Those creditors include Crystallex International Corp, Exxon Mobil Corp, ConocoPhillips Co and Siemens AG. Lost assets The companies lost gold and oil assets in the seizures and obtained international arbitration awards against the country. Investment manager Oaktree Capital Management LP is providing financing for multiple bidders, according to a person familiar with the matter who is not authorised to speak publicly. Oaktree's involvement hasn't been previously reported. The firm has more than US$200bil in assets under management and has experience in distressed debt and special situations. 'The court wants the best offer, even if that bidder is late to the game,' said Jason Keene, a strategist at Barclays who follows the auction process. Bidders are interested in the refineries Citgo runs in the United States as well as its pipelines, terminals and fuel-distribution channels. The battle goes back to the fallout from Chávez's decision to nationalise different industries as part of his socialist agenda. Chávez died in 2013 and was succeeded by Nicolás Maduro. In 2019, the US government gave the reins of the refinery to the opposition-led National Assembly, then presided by Juan Guaido, whom the United States and other governments formerly recognised as the country's legitimate leader as opposed to Maduro. A Florida congresswoman has asked US Secretary of State Marco Rubio to halt the Citgo auction to preserve the political opposition's control of the asset. Maria Elvira Salazar, a Republican who represents part of Miami, asked Rubio to stop any sale. 'Citgo needs to remain in hands of the opposition in order to be able to reconstruct Venezuela after the regime falls,' she wrote in a May 29 letter to Rubio. — Bloomberg
The Star
4 hours ago
- The Star
Circle, shareholders aim to raise $896 million in upsized US IPO
(Reuters) -Circle Internet and some of its existing shareholders are aiming to raise as much as $896 million in an upsized initial public offering in the United States, the stablecoin giant said on Monday. New York-based Circle and some existing investors are now offering 32 million shares priced between $27 and $28 apiece. This compares with the $624 million expected in proceeds at the top of the previously disclosed offering of 24 million shares priced between $24 and $26 apiece. Circle will list on the New York Stock Exchange under the symbol "CRCL". J.P. Morgan, Citigroup and Goldman Sachs are the lead underwriters for the offering. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli)
