Astaka ropes in Singapore's CapitaLand for RM1.2bil Johor development
To craft the project's retail strategy, Astaka has partnered with CapitaLand Investment Ltd (CLI), a global real asset manager with more than 70 malls across Singapore, Malaysia and China. The partnership was formalised on Aug 19 through a retail advisory service agreement witnessed by Johor Menteri Besar Datuk Onn Hafiz Ghazi. Under the agreement, CLI will advise Astaka on asset planning as well as pre- and post-opening operations.
At the same event, Onn Hafiz and Astaka executives unveiled the master plan for Phase 3 of the One Bukit Senyum integrated project. Phase 3, which includes the new mixed-use development and the Arden tower, has a combined gross development value (GDV) of RM2.1 billion. Altogether, Phases 1 to 3 are expected to reach a total GDV of RM3.6 billion.
Astaka said the advisory deal is not expected to materially impact its net tangible assets or earnings per share during the project's duration.
Executive director and CEO Allen Khong said Astaka has led transformative developments in Johor Bahru for over a decade through its flagship One Bukit Senyum project.
"Over the past decade, Astaka has been at the forefront of many transformative real estate projects in Johor Bahru, particularly through our flagship development, One Bukit Senyum. We have long held a vision for a new central business district in Johor Bahru that will be a world-class residential, commercial, retail and leisure destination.
"With the development of the third and final phase of One Bukit Senyum, we will fully realise this vision and play a key role in the transformation of Johor Bahru into a vibrant, prosperous city. As we enter the final stage of this decade-long project, One Bukit Senyum is in the right place at the right time."
Khong said the establishment of the Johor-Singapore Special Economic Zone (JS-SEZ) will unlock not just stronger trade and industrial growth, but also increased tourism, cross-border travel and retail activity.
"We expect One Bukit Senyum to be a key beneficiary of these trends, thanks to our strategic location bordering Singapore and close proximity to the upcoming RTS Link," he said.
Khong said the partnership with CLI, which manages over 70 malls in China, Malaysia and Singapore, further positions the group for success.
He said that leveraging CLI's vast expertise in managing high-traffic shopping destinations will enable Astaka to fully unlock the potential of its lifestyle mall – contributing tremendously to the growth and value of One Bukit Senyum.
The retail development in Johor Bahru is well-positioned to benefit from the development of JS-SEZ, according to Ervin Yeo, CEO of CLI's commercial management department.
"Drawing on our deep retail expertise and strong track record in curating successful retail and lifestyle destinations in many cities, we look forward to supporting Astaka in creating a vibrant retail experience at One Bukit Senyum that appeals to both local Johoreans and shoppers from elsewhere in Malaysia and abroad," he said.
Onn Hafiz said this partnership between Astaka and CLI, two prominent companies from Johor and Singapore, aligns with the Johor state government's efforts to drive increased cross-border business collaboration.
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