One Bukit Senyum is a mixed development which comprises twin towers of service apartments (The Astaka @ One Bukit Senyum), as well as phase two of One Bukit Senyum, which comprises of a shopping mall, grade A office tower, five-star hotel, Johor Bahru City Council’s headquarters, serviced apartments and residences. Photo: Astaka Holdings Limited
Conferment of One Bukit Senyum expected to play a key role in Johor’s transformation into a burgeoning metropolis of Malaysia
By Khalil Adis
Iskandar Malaysia’s property market received an added boost with the announcement by Astaka Holdings Limited that it has been granted node status by Malaysia’s Ministry of Finance and Iskandar Regional Development Authority (IRDA).
Located in Flagship A of Iskandar Malaysia, the node status refers to a designated area where the developer and promoted businesses can enjoy tax incentives.
“The node status accords Phase 2 of the project full income-tax exemption on proceeds from the sale and income derived from the leasing of all non-residential buildings,” said Singapore-listed Astaka Holdings Limited in a statement.
One Bukit Senyum is an upcoming RM5.4 billion administrative and commercial hub spanning 11.85 acres.
Phase 2 of One Bukit Senyum will include the new headquarters of the Johor Bahru City Council, a five-star hotel, serviced apartments and a premium shopping mall.
It will also come with branded residences and serviced residences.
“We are honoured that One Bukit Senyum has been awarded node status. This underscores the significance of our project and the trust that the Malaysian federal government and Johor state government have in Astaka,” said Astaka’s executive director and chief executive officer Dato’ Zamani bin Kasim.
“Landmark developments such as One Bukit Senyum, that is in Johor Bahru City Centre or Flagship A of Iskandar Malaysia, will attract new investments that in turn, create job and business opportunities for the rakyat. This development will also contribute to efforts to enhance Johor Bahru’s standing as one of the leading growth centres to spur the nation’s drive towards becoming a high-income nation.” said Datuk Ismail Ibrahim, chief executive of IRDA.
Astaka Holdings Limited is an award-winning property developer.
In 2015, it won Best Condo Development (Malaysia) at the Southeast Asia Property Awards (Malaysia).
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