SINGAPORE (April 18): Astaka Holdings Ltd yesterday unveiled show units for its new development in Pengerang, Johor, where over US$7 billion (RM30.8 billion) of downstream investment has just been announced by Saudi state oil company Saudi Aramco.

Astaka is displaying show units of terrace houses for its 363-acre (147ha) Bukit Pelali strata township, which is a gateway to the mega Pengerang Integrated Petroleum Complex (PIPC) in Johor.

Saudi Aramco’s US$7 billion investment in a PIPC downstream project known as the Refinery and Petrochemical Integrated Development project is being developed by Malaysian state oil company Petroliam Nasional Bhd.

The investment is expected to lead to job creation and capital appreciation of property developments within and surrounding Pengerang.

Astaka will 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 sq ft and 2,735 sq ft, will be completed by 2019.

Bukit Pelali in Pengerang is envisaged to be a self-sustaining township that offers a shopping mall, hotel, hospital, mosque and a school when fully completed.

Astaka plans to hold a grand launch of the township — coinciding with the opening of its sales gallery — by mid-year.

Astaka executive director and chief executive officer Datuk Zamani Kasim 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 complex.

“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,” he added.

Bukit Pelali in 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.

Shares in Astaka closed down 16.36% at 9.2 Singapore cents (29 sen) yesterday, with a market capitalisation of S$171.99 million. — theedgemarkets.com.sg

This article first appeared in The Edge Financial Daily, on April 18, 2017.

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