In a filing to Bursa Malaysia this afternoon, Sentoria said its wholly-owned subsidiary Sentoria Morib Bay Sdn Bhd had on July 10 inked a sale and purchase agreement with Seriemas Development Sdn Bhd for the acquisition.
Property development firm Seriemas is wholly owned by PNB Development Sdn Bhd, which in turn is wholly owned by Permodalan Nasional Bhd.
The purchase prices comprises RM2.97 million for water theme park land (22 acres), resort and convention centre land for RM5.13 million (38 acres), Safari Park land for RM10.53 million (78 acres) and a boutique hotel land for RM1.62 million (12 acres).
Sentoria said the land acquisition will be financed via a bank borrowing of RM13.5 million, with the balance RM6.75 million to be settled with internal funds.
Sentoria said the land acquisition will enable the group to increase its access to more land bank to further establish its position in property development.
"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," the announcement read. — theedgemarkets.com