Astaka to launch RM6bil property project in Johor this year

KUALA LUMPUR: Property developer Astaka Holdings Ltd will launch a 4.8ha project with a gross development value (GDV) of RM6bil in Johor this year.

In a statement, the company said the “One Bukit Senyum’ project would comprise signature Grade-A offices, high-end retail, 5-star hotels and serviced residences.

“The GDV includes The Astaka @ One Bukit Senyum launched recently, which is the tallest residential building in Malaysia and Singapore,” it said.

One Bukit Senyum, riding on expectations of a projected spike in sales, is poised to become the new Central Business District for Johor Baru City.

The Johor Baru property developer is also forecasting bullish times ahead for the Iskandar Malaysia property sector. 

Chief executive officer Datuk Zamani Kasim said there was always an immediate spike in sales when a project was launched. 

“When a number of developments come on-line and are sales-ready at the same time, this spike can look hyper-inflated,” he said, adding that then, when the initial fervour had settled down, one entered what was called a “corrective period” where the spike balanced out. 

“This spike in sales is normal and will always level-out when the developer or developers hit the 50% to 60% sold benchmark,” Zamani said.

Zamani said the Astaka @ One Bukit Senyum had kept momentum and interest levels sustained with 70% sales volume achieved.

He said it was also important to note that the Iskandar Malaysia region’s Comprehensive Development Plan was not a short-term plan. 

“It has been carefully considered, planned and executed so that it can provide long-lasting benefits to the state for generations of Johoreans, driving sustainable socio-economic growth,” he added. - Bernama