Search Articles

Find tips, tools and how-to guides on every aspect of property

SGX listed Astaka Holdings launches second phase of shop offices in Southeast Johor


SGX listed Astaka Holdings launches second phase of shop offices in Southeast Johor

28 October, Johor Bahru/Singapore – Singapore Exchange-listed Astaka Holdings Limited (“Astaka” or the “Group”) launched today its second phase of shop offices Phase 2A and 2B (“Shop Offices”) which comprise 81 units of its 363-acre township, Bukit Pelali at Pengerang (“Bukit Pelali”) in Southeast Johor, a region undergoing rapid growth and expansion propelled by oil and gas investments .

Phase 2A comprises 51 units at 4,745 square feet each while Phase 2B comprises 30 units at 4,135 square feet each. To date, the Group has received bookings for 69% of its Shop Offices even prior to the launch.

Bukit Pelali is located one kilometre away from the Pengerang Integrated Petroleum Complex (“PIPC”), one of Southeast Asia’s major oil and  gas hub which anticipates the creation of over 4,600 new jobs(1). Other spill over effects such as better infrastructure and amenities will drive demand for properties in the region.

To date, 76% and 39% of Phase 1A and Phase 1B units have been sold, respectively. Demand for units is expected to remain robust as Bukit Pelali is located near major highways and attractions including Desaru Beach, and Sebana Cove Golf and Marina Resort, and the Tanjung Pengelih and Tanjung Belungkor Ferry Terminals.

Bukit Pelali is the Group’s second project and has an estimated gross development value of RM2.3 billion. It will be developed over eight to 10 years and is envisioned  to  be a self-sustaining township which includes a mall, hotel, hospital, mosque, school, food and beverage hub as well as a petrol station when fully completed.

Dato’ Zamani bin Kasim, CEO of Astaka, said: “We unveiled Bukit Pelali in May 2017 and we are thrilled with the robust demand received from our launched phases. We are confident that our further phases will remain robust as we plan, strategise and execute iconic and differentiated projects in strategic locations. As a homegrown developer, we are proud to be one of the first movers in transforming  Pengerang  into a modern city.”

Bukit Pelali is developed by Astaka’s 51%-owned joint venture, Bukit Pelali Properties Sdn Bhd. The remaining 49%-stake is held by Saling Syabas Sdn Bhd.

Disclaimer: The information is provided for general information only. Malaysia Sdn Bhd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.

More Articles