PETALING JAYA (Aug 19): Astaka Padu Sdn Bhd will be unveiling the final phase of One Bukit Senyum (OBS) — the RM6 billion integrated development in Johor Bahru, on Aug 28, according to its CEO Datuk Zamani Kasim.
Zamani said the second phase, which is also the final phase, of OBS will be divided into phases 2A and 2B. Phase 2A, which comprises the Johor Bahru City Council (MBJB) office building on a 2.42-acre site, is slated to be completed by 4Q2019.
Meanwhile, Phase 2B consists of an 8.05-acre integrated development with a gross development value (GDV) of RM4.6 billion, Zamani added.
Phase 2B will offer a 70-storey block of serviced apartments and serviced residences; a 62-storey five-star hotel and branded residences; a 46-storey signature Grade A office tower; and a 10-storey mall. The targeted completion date is 4Q2021.
For the 70-storey serviced apartments and serviced residences in Phase 2B, the developer plans to offer 254 units of serviced apartments with built-up sizes of over 1,000 sq ft and 723 units of serviced residences with an average built-up size of 600 sq ft.
The hotel and branded residences will comprise 450 hotel rooms and 289 branded residences.
Zamani said the company is in the midst of looking for strategic partners to develop phase 2B. Negotiations are in progress and results are expected by year-end.
He added that the master plan for phase 2B will be unveiled end of this month at the ground-breaking ceremony for the RM300 million, 15-storey MBJB building.
The 11.8-acre OBS is located at the intersection of Jalan Tebrau and Jalan Lingkaran Dalam Johor Bahru. OBS is just a 5-minute drive from Johor Bahru city centre and the Johor-Singapore Causeway.
Majlis Bandaraya Johor Bahru (MBJB) is relocating the city council’s new headquarters to OBS due to its strategic location.
OBS’s development began in December 2013 with its first phase comprising The Astaka luxury serviced apartments, offering 438 units with built-ups ranging between 2,207 and 5,554 sq ft to be housed in two towers that are 65 and 70 storeys tall.
The selling price of The Astaka is about RM1,400 to RM1,600 psf. It has achieved a take-up rate of 71% so far.
This is an excerpt of the report in the Aug 22, 2016 issue of City & Country, the property pullout of The Edge Malaysia. Subscribe here for your personal copy.
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