Astaka signs $98 mil deal for new Johor Bahru City Council headquarters

SINGAPORE (Nov 28): Astaka Holdings on Monday announced it has signed a RM308.0 million ($98.4 million) sale and purchase agreement with Johor Bahru’s City Council, Majlis Bandaraya Johor Bahru (MBJB).

Under the agreement, Astaka’s 99.99%-owned subsidiary Astaka Padu will construct, develop and sell to MBJB a 15-storey Grade A office tower, Menara MBJB.

According to a media release on Monday, Astaka Padu and MBJB also intend to enter into a supplemental agreement with a contract value of RM35.0 million ($11.2 million) for the interior design of the tower, subject to the consent of both parties regarding the price, design and other related matters.

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