SINGAPORE (Oct 5): Astaka Holdings announced that its subsidiary, Astaka Padu, has formed a joint venture with Saling Syabas to develop a 258.48 acre township close to the Pengerang oil and gas hub in Johor.

Astaka Padu will hold a 51% stake in the joint venture company, Bukit Pelali Properties, with Saling Syabas holding the remaining 49%.

Bukit Pelali Properties has entered a conditional joint agreement with Saling Syabas granting Bukit Pelali Properties the sole and exclusive right to develop the land. This represents the second most important project for Astaka Holdings, according to the company, after One Bukit Senyum, which will be the new administrative and commercial hub of Johor Bahru.

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