Latest news with #AstakaHoldingsLimited
The Star
2 days ago
- Business
- The Star
Astaka launches RM1.2bil mixed-use project, partners CapitaLand for retail strategy
KUALA LUMPUR: Astaka Holdings Limited, a Johor-based property developer, has announced a RM1.2bil gross development value (GDV) mixed-use project featuring a lifestyle retail mall alongside its upcoming residential skyscraper, Arden @ One Bukit Senyum. In a statement, Astaka said it will partner with CapitaLand Investment Limited (CLI), a global real asset manager with a network of more than 70 malls in Singapore, Malaysia and China, to develop its retail strategy. On Aug 19, 2025, Astaka and CLI formalised their partnership with the signing of a retail advisory service agreement at an event witnessed by Johor Menteri Besar Datuk Onn Hafiz bin Ghazi. Under the agreement, CLI will provide retail advisory support to Astaka across asset planning, pre-opening and post-opening stages of the project. The Johor Menteri Besar and the group's senior executives also unveiled the master plan for Phase 3 of the One Bukit Senyum integrated project. Phase 3, which includes the mixed-use and Arden projects, has a GDV of RM2.1bil, lifting the total GDV of One Bukit Senyum to RM3.6bil. "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,' Astaka executive director and chief executive officer Allen Khong said. '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.' Khong said the partnership with CLI will help unlock the potential of the lifestyle mall and add value to One Bukit Senyum. Meanwhile, CLI chief executive officer, commercial management Ervin Yeo said: "We are excited to partner with Astaka on this exciting retail development in Johor Bahru and are well-positioned to benefit from the development of the Johor-Singapore Special Economic Zone. 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.' Onn Hafiz said the partnership between Astaka and CLI aligns with the Johor State Government's push to strengthen cross-border business collaboration. 'We look forward to more private sector partnerships that will boost cooperation between Johor and Singapore across economic sectors — ultimately supporting the success of the JS-SEZ, delivering mutual growth and strengthening the regional business ecosystem." Phase 3 of One Bukit Senyum, the final phase of the integrated development launched in 2014, consists of two components. Phase 3A, Arden @ One Bukit Senyum, is a residential skyscraper with a GDV of RM800mil. Launched in March 2025, it has achieved an 80% take-up rate. Construction began in May and completion is targeted for 2030. Phase 3B, with a GDV of RM1.2bil, will feature a 300,000 sq ft lifestyle mall, a 250-room five-star hotel and 300 branded residences. Construction starts in 2026, with completion also set for 2030.
The Star
20-05-2025
- Business
- The Star
Astaka-Kimlun JV begins construction of RM800mil Arden skyscraper in Johor Baru
From left: Astaka Kimlun Sdn Bhd director Abdul Hakim Kamaludin, Astaka Holdings Limited CEO and Director Allen Khong, Johor Bahru City Council mayor Datuk Mohd Haffiz Ahmad, Kimlun Corp Bhd CEO and executive director Pang Khang Hau and Kimlun executive director Sim Tian Liang. KUALA LUMPUR: Johor-based property developer Astaka Holdings Limited, together with its joint venture (JV) partner Kimlun Corp Bhd , has commenced construction of Arden — a premium serviced residence under Phase 3 of One Bukit Senyum, the group's flagship development. In a statement, Astaka said the 68-storey Arden is envisioned as a prominent international landmark within the newly announced Johor-Singapore Special Economic Zone (JS-SEZ). Standing 260 metres above ground, it will be the second tallest building in Johor Bahru. Notably, Astaka also developed Johor Bahru's tallest building — The Astaka — completed in 2018 as part of Phase 1 of the One Bukit Senyum development. Arden is a freehold development with a gross development value (GDV) of RM800mil, comprising 618 units of premium serviced residences. Unit sizes range from 797 to 1,700 square feet, with prices estimated between RM1,300 and RM1,500 per square foot. Targeted for completion by 2030, the project reflects the group's vision of delivering an iconic and prestigious development that will reshape Johor Bahru's skyline. Astaka and its JV partner have appointed GDP Architects Sdn Bhd — the firm behind landmark projects such as Pavilion Kuala Lumpur, TRX Residence, EQ Hotel Kuala Lumpur, and The Astaka — as the project's architect. Astaka executive director and chief executive officer Allen Khong said that following the successful official launch of Arden in March 2025, the company was thrilled to commence construction of the landmark development. 'We are pleased to share this milestone with Kimlun, our longstanding partner on projects including 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,' he said. Meanwhile, Kimlun chief executive officer Pang Khang Hau said: 'Kimlun 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. 'Our proven track record in delivering high-quality engineering and construction solutions aligns perfectly with the vision for Arden and One Bukit Senyum. Together, we look forward to delivering an iconic project that will be the city's newest landmark.'
