JOHOR BAHRU, 19August 2025 – Astaka Holdings Limited (SGX:42S) (“Astaka” or together with its subsidiaries, the “Group”), a leading integrated property developer based in Johor, Malaysia, has announced a RM1.2 billion Gross Development Value (GDV) mixed-use development, with a lifestyle retail mall, next to its upcoming residential skyscraper, Arden @ One Bukit Senyum (“Arden”). It will also partner with CapitaLand Investment Limited (CLI), a leading global real asset manager with a network of more than 70 malls across Singapore, Malaysia and China, to shape its retail strategy.
On 19 August 2025, Astaka and CLI formalised their partnership through the signing of a Retail Advisory Service Agreement at a commemorative event, witnessed by Johor Menteri Besar Yang Amat Berhormat Dato’ Onn Hafiz bin Ghazi. As part of the partnership, CLI will provide retail advisory support to Astaka, covering asset planning, pre-opening, and post-opening stages of the project.
The Johor Menteri Besar, along with the senior executives of the Group, also unveiled the master plan for Phase 3 of the One Bukit Senyum integrated project. Phase 3 of the project, which includes the mixed-use development that was announced today, as well as the previously announced Arden development, is expected to have a total GDV of RM2.1 billion. The overall One Bukit Senyum project – including Phase 1, Phase 2 and Phase 3 – has an estimated GDV of RM3.6 billion.
Barring any unforeseen circumstances, the Retail Advisory Service Agreement is not expected to have a material impact on the net tangible assets and earnings per share of the Group throughout the duration of the project.
Allen Khong, Executive Director and Chief Executive Officer of Astaka Holdings Limited, said:
“Over the past decade, Astaka has been at the forefront of many transformative real estate projects in Johor Bahru, particularly through our flagship development, One Bukit Senyum. We have long held a vision for a new central business district in Johor Bahru that will be a world-class residential, commercial, retail and leisure destination.
With the development of the third and final phase of One Bukit Senyum, we will fully realise this vision and play a key role in the transformation of Johor Bahru into a vibrant, prosperous city.
As we enter the final stage of this decade-long project, One Bukit Senyum is in the right place at the right time.
The establishment of the Johor-Singapore Special Economic Zone (“JS-SEZ”) will unlock not just stronger trade and industrial growth, but also increased tourism, cross-border travel and retail activity. We expect One Bukit Senyum to be a key beneficiary of these trends, thanks to our strategic location bordering Singapore and close proximity to the upcoming RTS Link.
Our partnership with CLI, which manages over 70 malls in China, Malaysia and Singapore, further positions us for success. Leveraging on CLI’s vast expertise in managing high-traffic shopping destinations will enable us to fully unlock the potential of our lifestyle mall — contributing tremendously to the growth and value of One Bukit Senyum. We are honored to work with CLI as they share their retail expertise with us, and we look forward to a successful working relationship.
We also wish to thank the Johor State Government and the Johor Bahru City Council for their continued support and facilitating the development of One Bukit Senyum.”
Source: iProperty (21 Aug 2025)