| Singapore-listed Astaka Holdings has entered into a non-binding memorandum of understanding (“MOU”) through subsidiary Astaka Padu Sdn. Bhd. (“APSB”), with DMR Holdings Sdn. Bhd for a potential collaboration to jointly undertake land development projects in Johor, Malaysia. Building on the recent launch of the latest show units from its flagship residential development, The Astaka @ One Bukit Senyum, the Group will be looking to jointly develop 42 acres of land across various key cities in Johor, including Iskandar Puteri, Tampoi and Pengerang. |
At MOU Signing Ceremony (L-Rt): Ms Ang Siew Peng (Financial Controller, Astaka), Mr Allen Khong Chung Lun (Executive Director and Chief Executive Officer, Astaka), Ms Daeng Fatin Zulaika Binti A. Malek (Executive Director, DMR Holdings), Mr Abdul Hakim Bin Kamaludin (Head of Property, DMR Holdings).
The development sites are also within close vicinity to prominent establishments, with the proposed site in Iskandar Puteri located near LEGOLAND Malaysia and Kota Iskandar Development, the administrative center of the Johor Government.
With a total estimated gross development value of RM1 billion, the joint development projects are expected to be completed over the span of 5 years and comprise of mixed commercial developments and a light industrial park development.
The light industrial park project also marks the Group’s first venture into industrial development.
The Group has already made its mark as a premium property developer in the Southeast Asia region, with The Astaka @ One Bukit Senyum being awarded the Best Luxury Condo/Apartment Development Award.
The Menara MBJB, a 15-storey Grade A office tower, was also developed to be the headquarters for the Johor Bahru City Council.
These new projectsto be jointly developed with DMR Holdings highlights the Group’s intentions and commitment to become a prominent integrated property developer by expanding further on the portfolio of property developments and also by diversifying into industrial developments.
Commenting on the collaboration, Mr. Khong Chung Lun, Executive Director and CEO of Astaka Holdings Limited said, “We are excited to announce the potential joint development projects with DMR Holdings. Having closely monitored the Malaysian economy for the past few months, we foresee this to be the appropriate time for us to execute our plans for expansion. While the pandemic has disrupted the global economies, we have continued to identify suitable opportunities to grow the Group in a well calibrated manner.
"These joint development projects, if undertaken, will allow both parties to synergise resources, network and expertise to help the Group establish itself as a prominent integrated property developer in Johor."
