Thursday, 12 July 2018

(The Star) Sentoria to acquire 150 acres in Morib for RM20mil

PETALING JAYA: Sentoria Group Bhd is acquiring 150 acres of land in Morib, Selangor for RM20.25mil that its intends to utilise for potentially viable property development.

In a filing with Bursa Malaysia yesterday, the company said its wholly-owned subsidiary Sentoria Morib Bay Sdn Bhd had inked a sale and purchase agreement with Seriemas Development Sdn Bhd for the acquisition of the land.

“The land acquisition will enable Sentoria to increase its access to more land bank to further establish its position in property development and compliments to Sentoria Morib Development projects.”

The company said the sizeable land bank and market condition offer opportunity for Sentoria to participate in potentially viable property development especially affordable housing in the west coast of Peninsular Malaysia.

“The land acquisition is expected to contribute positively to the future earnings and thereby improve shareholders’ value over the medium to long-term,” it said.

Sentoria said the RM20.25mil purchase prices comprises RM2.97mil for a water theme park (22 acres); RM5.13mil for a resort and convention centre (38 acres); RM10.53mil for a Safari Park (78 acres) and RM1.62mil for a boutique hotel (12 acres).

“Premised that the tourism industry is an important sector to the overall Malaysian economy, the group intends to compliment on the efforts of the Government by developing the theme park comprising the four components to boost tourism from domestic and international sources.”

Sentoria said its board of directors is of the view that the development of the land acquisition into four major components will generate economic benefit to the surrounding area.

The company said this would drive demand for the mixed residential and commercial development to be constructed on the land from the local populace, as well as residents from the Klang Valley who require a weekend residential unit.

“The land acquisition will be financed by the term loan of RM13.5mil by a bank and the balance of RM6.75mil will be through internally-generated funds,” said Sentoria.