PETALING JAYA: Sentoria Group Bhd is acquiring a piece of 150-acre land in Morib, Selangor, for RM20.25 million.
Sentoria said in a filing with the stock exchange, the group and its wholly owned subsidiary Sentoria Morib Bay Sdn Bhd on July 10 entered into a sale and purchase agreement with Seriemas Development Sdn Bhd, for the acquisition of the water theme park, convention centre, safari and boutique hotel land.
The group noted that the land acquisition will be financed by the term loan of RM13.5 million and the balance of RM6.75 million, through internally generated funds.
Sentoria said the acquisition will enable the group to increase access to more land bank, to further establish its position in property development and complement Sentoria Morib 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."
Sentoria's share price declined 1.5 sen or 2.9% to close at 51 sen yesterday.