KUALA LUMPUR: Astaka Holdings Limited, a property developer rooted in Johor, has applied to the Johor State Government to reduce the minimum threshold for foreign property buyers to RM500,000, aiming to stimulate purchasing activities.
The lower threshold was obtained recently. This move aligns with the developer's anticipation of heightened demand for its latest residential endeavor, Aliva, boasting an estimated gross development value of RM254 million.
Comprising 499 units ranging from 595 sq ft to 1,075 sq ft, Aliva has already achieved a remarkable 70 per cent take-up rate since its commercial debut in December 2023.
Allen Khong, the executive director and chief executive officer of Astaka, acknowledged the favourable reception from Malaysian buyers, who see Aliva as an appealing option for primary residence, secondary dwelling, or investment.
Khong also underscored the escalating interest from international buyers, particularly from Singapore, driven by advancements in the Johor Bahru-Singapore Rapid Transit System (RTS) Link.
Scheduled for completion in the fourth quarter of 2026, Aliva is targeting the premium market segment in Mount Austin, a mature township and burgeoning tourist hub.
Khong emphasised Aliva's role in addressing the scarcity of high-end hotels and premium apartments on Mount Austin.
Aliva introduces several novelties to Mount Austin, including being the first serviced residence, featuring "hotel-style" management services, and aiming for Green Building Index (GBI) certification, underscoring Astaka's commitment to sustainability.
Equipped with hotel-like amenities such as a grand lobby, concierge, EV-charging facilities, and automated waste management, Aliva promises residents a luxurious lifestyle.
Its strategic location ensures easy access to educational institutions, medical facilities, and entertainment venues such as Aeon Mall and Austin Heights Water & Adventure Park.
The groundbreaking ceremony for Aliva took place on April 18, 2024, in the presence of stakeholders and key partners.
Astaka recently awarded a construction contract worth RM150 million to Kimlun Sdn Bhd for the construction of Aliva.
Khong expressed satisfaction with the partnership, citing Kimlun's track record of delivering top-notch projects.
Kimlun, a subsidiary of Kimlun Corporation Berhad, will serve as the main contractor.
"We look forward to deepening our working relationship and completing another landmark project together. We are confident that this partnership will bring forth a development that will exceed expectations and contribute significantly to the real estate market in Johor Bahru," said Chin Lian Hing, executive director of Kimlun.
