Astaka forms JV with Saling Syabas to develop a township site in Malaysia

The 258.48 acre site is close to the Pengerang O&G hub.

With its aim to diversify its current project development portfolio, Singapore-listed premium property developer Astaka Holdings entered into an agreement to develop a 258.48 acre township in Malaysia.

The joint venture was carried out by Astaka's subsidiary, Astaka Padu Sdn Bhd (APSB) with Saling Syabas Sdn Bhd (SSSB). The JV formed Bukit Pelali Properties Sdn Bhd (BPPSB).

BPPSB is granted the sole and exclusive right to develop the Bukit Pelali Land, which will comprise residential and commercial shop lots.

The JV company will also have the absolute right and authority to sell the properties in the said project.

The project will be the closest sizeable township to Pengerang, one of the region's largest hubs for oil and gas, petrochemical, oil storage, and trading activities.

According to Astaka, the said project will represent its second most important project after the iconic One Bukit Senyum.