JOHOR BAHRU: Astaka Holdings Ltd, an integrated property developer based in Johor, has launched a RM1.2 billion GDV mixed-use project featuring a lifestyle retail mall, located next to its upcoming residential skyscraper, Arden @ One Bukit Senyum (Arden).
It will also partner with CapitaLand Investment Ltd (CLI), a global real asset manager with a network of more than 70 malls across Singapore, Malaysia and China, to shape its retail strategy.
On Aug 19, Astaka and CLI formalised their partnership through the signing of a Retail Advisory Service Agreement, witnessed by Johor Menteri Besar Datuk Onn Hafiz 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 event also witnessed the unveiling of the master plan for Phase 3 of the One Bukit Senyum integrated project. Phase 3 of the project, which includes the mixed-use development, 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.
Astaka Holdings Ltd executive director and CEO Allen Khong 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.”
He added their partnership with CLI, which manages over 70 malls in China, Malaysia and Singapore, further positions them for success.
Onn Hafiz said: “This partnership between Astaka and CLI, two prominent companies from Johor and Singapore, aligns with the Johor state government’s efforts to drive increased cross-border business collaboration. We look forward to more private sector partnerships that will boost cooperation between Johor and Singapore across economic sectors – ultimately supporting the success of the JS-SEZ, delivering mutual growth and strengthening the regional business ecosystem.”
Phase 3 of One Bukit Senyum is the third and final phase of One Bukit Senyum, an integrated development that was first unveiled in 2014.
Phase 3A is Arden, a residential skyscraper project with a GDV of RM800 million. Arden was officially launched in March 2025 and has since achieved a take up rate of 80%. Construction of Arden began in May 2025 and the project is expected to be completed by 2030.
Phase 3B will comprise a lifestyle retail mall with 300,000 sq ft of net lettable area, a 250-room 5-star hotel and branded residential component with 300 units. Construction of Phase 3B will commence in 2026, with completion also slated for 2030. Phase 3B has an estimated GDV of RM1.2 billion.
Phase 3C is expected to comprise a sales gallery and a dining location featuring international F&B brands. Construction of Phase 3C will commence at a later date.
