Singapore Exchange-listed Astaka Holdings Limited (“Astaka”) unveiled the masterplan for its flagship One Bukit Senyum (“OBS”) development at a groundbreaking ceremony today for the new headquarters of the Johor Bahru City Council, Majlis Bandaraya Johor Bahru (“MBJB”).
A one-minute drive from the customs, immigration and quarantine complex connecting Singapore and southern Malaysia, OBS will be Johor Bahru’s new central business district when fully completed in 2021. It will occupy 11.85 acres of freehold land – approximately the size of nine international football fields – with a gross floor area of 6.3 million square feet.
OBS will be developed in two phases. The first comprises The Astaka @ OBS, two residential blocks with a total of 438 units. At 65 and 70 storeys, respectively, they are tipped to be the tallest residential towers in Southeast Asia. Phase two will comprise MBJB’s new headquarters (“Menara MBJB”), a 450-room five-star hotel, 1012 residences, 254-key serviced apartments, a 1.5 million square feet shopping mall and a Grade A office building.
Astaka expects to obtain preliminary regulatory approvals for Phase two by the end of 2016. The groundbreaking of Menara MBJB marks the start of construction for Phase two of the entire OBS development. Some 800 staff from MBJB will move to the new headquarters once the building is completed by the end of 2019. The groundbreaking ceremony was officiated by Sultan Ibrahim Ibni Almarhum Sultan Iskandar, Johor Crown Prince Tunku Ismail Idris, Chief Minister of Johor Datuk Mohamed Khaled bin Nordin, Astaka’s founder and controlling shareholder, Dato’ Daing A. Malek bin Daing A. Rahaman and Astaka’s Chief Executive Officer and Executive Director, Dato’ Zamani bin Kasim.
Guests included government officials and several distinguished guests. Johor Bahru Mayor Tuan Haji A. Rahim Nin, said: “The relocation of our headquarters to our city’s new central business district is symbolic of MBJB’s commitment to provide the people of Johor Bahru with top-class services. This is a positive step forward in line with the Johor Bahru Transformation Plan to build a world-class metropolis that will inspire.”
The ceremony comes four weeks after Astaka signed a non-binding Memorandum of Understanding to construct and develop the 15-storey Menara MBJB, which will be sold to MBJB. A sale and purchase agreement is expected to be concluded this year. Slated for completion by 2019, Menara MBJB will have a gross floor area of approximately 445,848 square feet and 558 car parks.
Astaka CEO Dato’ Zamani bin Kasim said: “The groundbreaking ceremony marks another milestone for Astaka and we are proud to contribute to the transformation of Johor. We believe major projects such as the Johor-Bahru-Singapore Rapid Transit System and High-Speed Rail will raise capital values of properties in the region and also increase demand for our development. In view of these developments, we are expecting the gross development value of OBS to be increased and we will update shareholders in due course.”
Source : iProperty