Bukit Gambang Resort City is an integrated resort city within a 727-acre secondary jungle.
KUALA LUMPUR: Sentoria Group Bhd
, through 75% owned subsidiary Sentoria Utara Sdn Bhd, will undertake a mixed development project with an estimated gross development value of RM180mil on 120 acres in Sungai Petani, Kedah.
The property developer, which also operates theme parks in Bukit Gambang (Pahang), told Bursa Malaysia that Sentoria Utara had inked a joint-venture (JV) agreement with Sejati Pertiwi Sdn Bhd, which owns the Bandar Amanjaya land, towards this end.
On completion of the project or each phase of the project, Sejati Pertiwi will be entitled to 12.5% of the GDV on land development based on the progressive utilisation.
Sentoria Utara, as the developer, will be entitled to the total sales realisation after deducting the Sejati Pertiwi’s entitlement.
The project is expected to be completed within 36 months from the start of each phase.
“The JV is a strategic alliance for Sentoria to participate potentially in affordable housing development in northern part of Peninsular Malaysia. The JV is expected to contribute positively to the future earnings and thereby improve shareholders’ value over the medium to long term,” Sentoria said.
Sentoria Utara owns another 185 acres in Bandar Amanjaya. The 120 acres under Sejati Pertiwi had previously been Sentoria’s land as well.
The Pahang state secretary is Sentoria Group’s second largest shareholder with a 12.24% stake, according to the company’s latest (2014) annual report.
Sentoria shares gained 1 sen to close at 89 sen on Wednesday.
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