PETALING JAYA (Jan 27): Astaka Holdings Ltd, through its subsidiary Astaka Padu Sdn Bhd, has entered into a non-binding memorandum of understanding (MoU) with Straits Perkasa Services Sdn Bhd for a potential collaboration to jointly develop a mix-use development project with an estimated gross development value (GDV) of RM160 million on a two-acre (about 0.81 hectares) freehold land in Taman Setia Indah, Johor Baru owned by Straits Perkasa Services. 

Astaka Holdings executive director and chief executive officer Khong Chung Lun said that this is the company’s second MoU for a joint development project this year. 

“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 demands of the local township. Owing to the prime location of this project where the population is dense, we will look towards targeting young families and also those who are looking to upgrade their properties,” he added.

The site is also located near amenities such as the Austin Heights Water and Adventure Park, Eco Palladium, IKEA Tebrau and Tebrau Sport and Recreation Centre. 

Astaka Padu’s first such MoU was signed with DMR Holdings Sdn Bhd for a potential collaboration to jointly develop 42 acres of land in Johor with an estimated GDV of RM1 billion across various key cities in Johor, including Iskandar Puteri, Tampoi and Pengerang.