SINGAPORE-LISTED Malaysian developer Astaka Holdings said on Tuesday its subsidiary has signed an agreement with Johor Baru's city council, Majlis Bandaraya Johor Bahru (MBJB), to develop and sell to MBJB a 15-storey Grade A office tower for RM308 million (S$98.5 million).
The parties also plan to sign a supplemental agreement worth RM35 million for the interior design of the tower (subject to conditions), which will be known as Menara MBJB.
Menara MBJB will be located within Astaka's flagship mixed development, One Bukit Senyum, an administrative and commercial hub that will serve as Johor Baru's central business district when completed in 2021. Menara MBJB has a gross floor area of about 445,848 square feet.
The construction and development of Menara MBJB has been scheduled for completion by end-2019. About 800 MBJB staff will relocate to the new premises.