Astaka Holdings Stimulates Johor Property Market with New Foreign Buyer Threshold
Astaka Holdings Limited, a leading property developer based in Johor, has made a strategic move to invigorate the local real estate market by successfully lobbying for a reduced minimum purchase price for foreign buyers. Set at RM500,000, this new threshold is designed to boost property sales and attract more international investors to its latest residential project, Aliva, which has a gross development value of RM254 million.
Aliva’s Commercial Success and Market Positioning
Since its launch in December 2023, Aliva has captured significant attention, achieving a 70% take-up rate among its 499 units. These units, which range from 595 sq ft to 1,075 sq ft, cater to a diverse clientele, including those seeking a primary residence, secondary home, or investment opportunity. The project is situated in Mount Austin, a well-established township known for its thriving tourism sector, positioning Aliva as a premium offering in the market.
Allen Khong, Executive Director and CEO of Astaka, expressed his enthusiasm about the project’s reception, particularly highlighting the growing interest from foreign buyers, notably from Singapore. This interest is further amplified by the ongoing development of the Johor Bahru-Singapore Rapid Transit System (RTS) Link, promising enhanced connectivity and accessibility.
Innovations and Luxury Amenities Set Aliva Apart
Aliva is not just another residential project; it is Mount Austin’s first serviced residence to offer “hotel-style” management services and aims for Green Building Index (GBI) certification, reflecting Astaka’s dedication to sustainability. Residents of Aliva will enjoy a host of luxury amenities including a grand lobby, concierge service, electric vehicle charging stations, and sophisticated waste management systems.
Strategic Location and Community Benefits
The strategic location of Aliva ensures that residents have easy access to educational institutions, medical facilities, and entertainment options, including Aeon Mall and Austin Heights Water & Adventure Park. These features make Aliva an attractive choice for families and professionals alike, enhancing its potential as a sound investment in Johor’s growing real estate market.
Future Prospects and Partnerships
The recent groundbreaking ceremony on April 18, 2024, marked a significant milestone for Aliva, with stakeholders and key partners in attendance. Astaka has also announced a RM150 million construction contract with Kimlun Sdn Bhd, a subsidiary of Kimlun Corporation Berhad, renowned for their high-quality project delivery. This partnership is set to further cement Astaka’s reputation for developing landmark projects that exceed market expectations.
Chin Lian Hing, Executive Director of Kimlun, emphasized the value of the ongoing collaboration with Astaka, expressing confidence that this partnership will lead to another exceptional development that significantly contributes to the Johor Bahru real estate landscape.
As Astaka Holdings continues to innovate and adapt to market needs, its efforts to lower the foreign buyer threshold and the impressive features of Aliva are poised to make a significant impact on the Johor property market, drawing more international attention and investment into the region.
