Astaka held a groundbreaking ceremony for the commencement of Aliva’s construction on April 18.
"The contract award marks the continuation of our excellent partnership with Kimlun, their proven track record in delivering high-quality projects aligns perfectly with our vision for Aliva," says Allen Khong, Astaka’s executive director and CEO.
This is not the first collaboration between Astaka and Kimlun. Kimlun’s 40%-owned joint-venture company, JBB Kimlun Sdn Bhd, was the main contractor for the Astaka-designed and developed Menara MBJB project, a 15-storey Grade A tower for the Johor Bahru City Council.
"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," says Chin Lian Hing, executive director of Kimlun.
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Since the commercial launch of Aliva in December 2023, the project has achieved a take-up rate of 70%.
Shares in Astaka closed flat at 8.8 cents on April 18.
