JOHOR BAHRU: Astaka Holdings Limited (Astaka), taking advantage of the proposed multi-billion ringgit Petronas-Aramco refinery project, is developing the Bukit Pelali strata township at Pengerang.
Petronas and Saudi Arabia’s Aramco have agreed to undertake the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang. Aramco is investing US$7 billion (RM31.1billion) for a 50% stake.
The investment is expected to lead not only to job creation but also capital appreciation of properties within and surrounding Pengerang. This includes Astaka’s “Bukit Pelali at Pengerang” project.
Today, Astaka unveiled show units which display terrace house designs for its 363-acre “Bukit Pelali at Pengerang” township, which is a gateway to the mega Pengerang Integrated Petroleum Complex, within which Rapid is to be located.
Astaka, a leading property developer, expects to hold a grand launch of the township – coinciding with the opening of its sales gallery – by the middle of the year, it said in a statement.
Singapore Exchange Catalist-listed Astaka wants to build 487 terraces, semi-detached and cluster houses as well as shop offices as part of its first phase of development.
The units, which range between 1,525 and 2,735 square feet, will be completed by 2019.
Bukit Pelali at Pengerang is envisaged to be a self-sustaining township that offers a shopping mall, hotel, hospital, mosque, school and private security when fully completed.
Zamani Kasim, Astaka’s executive director and chief executive officer, said: “We believe demand for Bukit Pelali will be robust as it will cater to thousands of workers in the Pengerang district which will soon become one of Southeast Asia’s largest petrochemical complexes. The recent US$7 billion investment into the Rapid project is testament to its strategic location.
“In a short span of just four months, we have completed and launched our showrooms, underscoring Astaka’s ability to execute our property projects expeditiously. This reflects the group’s commitment to enhance shareholder value by developing projects with significant potential.”
Bukit Pelali at Pengerang 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.
Astaka’s flagship development, One Bukit Senyum, in Johor Bahru is a mixed development with total gross floor area of 6.3 million square feet and gross development value of up to RM5.4 billion. One Bukit Senyum is also home to The Astaka, touted to be Southeast Asia’s tallest residential twin towers.