PETALING JAYA: Singapore Exchange-listed Astaka Holdings Limited has entered a non-binding memorandum of understanding (MoU) through subsidiary Astaka Padu Sdn Bhd (APSB) with Straits Perkasa Services Sdn Bhd (SPSSB) for a potential collaboration for a mix-used development project in Johor.
The stipulated land for development owned by SPSSB is located in the popular Johor Baru township of Taman Setia Indah. The joint development, if undertaken, will comprise of a mix-used development spanning across two acres of freehold land with an estimated gross development value
of RM160 million. The development will be within the vicinity of Taman Mount Austin, a vibrant township in Johor Baru, which is renowned for its vast selection of restaurants and bubble tea shops. It is also in close proximity to prominent amenities such as Austin Heights Water & Adventure Park, Eco Palladium, Ikea Tebrau and Tebrau Sport & Recreation Centre.
Based in Johor Baru, SPSSB started operations in 1991 and has built its reputation in the Malaysian marine and shipping industry through its mooring services and is the registered and beneficial owner of the subject land.
This is the second MoU signed by the group for the development of real estate projects since the start of 2022. Prior to this MoU, the group had also entered into a non-binding MoU with DMR Holdings Sdn Bhd for joint development projects with a total land area of 42 acres and an estimated gross development value of RM1 billion. Having established itself as a premium residential developer with The Astaka @ One Bukit Senyum, the group will look to leverage on its expertise to bring a high-quality lifestyle and living development to this popular and growing township.
Commenting on the collaboration, Astaka Holdings executive director and CEO Khong Chung Lun said it has been closely monitoring the local market and identified Taman Setia Indah as a township in Johor Baru with potential. It is located within the vicinity of Taman Mount Austin, a popular destination in Johor Baru with a growing population.
“Through this collaboration, we look forward to developing a high-quality living and lifestyle development that will cater to the demand of the local township. Owing to the prime location of this project where population is dense, we will look towards targeting young families and also those who are looking to upgrade their properties.
With the two MoUs in quick succession, we have some good momentum towards potential joint development projects in Johor. Moving forward, we will continue to identify suitable opportunities for developing high-quality projects across Johor to grow the group further.”