KUALA LUMPUR: Sentoria Group Bhd
is buying 150 acres of land in Morib, Selangor from Seriemas Development Sdn Bhd for RM20.25mil for a proposed theme park and recreation project.
Sentoria announced to Bursa Malaysia on Wednesday it had signed the sale and purchase agreement for the purchase of the 150 acres.
It plans to build a water theme park measuring 22 acres, a resort and convention centre on 38 acres, a safari park (comprising of river and night safari) spread out over 78 acres and a boutique hotel on a 12 acre site.
“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,” it said.
Sentoria said the land acquisition would enable it to have access to more land bank to further establish its position in property development and complement its development projects.
“The sizeable land bank and market condition offer opportunity for Sentoria to participate in potentially viable property development especially affordable housing in 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.