JOHOR BARU: Astaka Padu Sdn Bhd will embark on a joint venture with a local company soon to develop an integrated township on a 146.90 ha piece of land in Pengerang.
Astaka Padu Bhd chief executive officer Datuk Zamani Kasim said the documents have been approved and they were finalising the joint venture agreement to be signed with Saling Syabas Sdn Bhd within this week.
He said Astaka Padu would hold 51% of shares in the joint venture while Saling Syabas would have 49% share.
Zamani said the township development would include more low-rise and landed properties with some high-rise and commercial buildings.
“The development is set to support the Pengerang Integrated Petroleum Complex and Rapid (Refinery and Petrochemical Integrated Development) as our site is located nearest to the oil and gas hub,” he said in a press conference yesterday (Aug 28).
He added that discussions have been held with Petronas and various stakeholders and they were excited for the project to kick off.
Zamani did not disclose the project’s gross development value (GDV), saying that it would be announced when the time comes, together with the number of phases that the project involves.
Earlier, Johor ruler Sultan Ibrahim Ibni Almarhum Sultan Iskandar officially unveiled the master plan for the RM5.4bil GDV One Bukit Senyum development at the project site here.
The ruler also took part in a symbolic groundbreaking ceremony for the new Johor Baru City Council headquarters that would be built within One Bukit Senyum by 2019.
Zamani said the whole project was a critical component in the transformation of Johor Baru in line with Sultan Ibrahim’s vision for it to become Malaysia’s most prominent city after Kuala Lumpur.