Sentoria clinches construction contracts worth RM110m

KUALA LUMPUR (March 23): Property developer cum resort operator Sentoria Group Bhd bagged two development projects in Kuantan and Sepang that are collectively worth some RM110 million.

In a filing with Bursa Malaysia yesterday, Sentoria said its wholly-owned subsidiary Sentoria Bina Sdn Bhd (SBSB) had accepted the letter of award (LoA) from HA Properties Sdn Bhd yesterday.

The LoA is for a contract for the design and build, including sales and marketing of a proposed development of 30.35ha of government land situated in Kuala Kuantan, Pahang.

In accordance with the terms and conditions of the LoA, the total contract sum is worth RM90 million.

This project consists of about 800 units of single-storey terrace houses, single-storey semi-detached houses, single-storey shops and infrastructure works.

The project is expected to commence on March 21 this year and to be completed by March 31, 2020.

In a separate filing, Sentoria said SBSB had also accepted a LoA from Grinterra Sdn Bhd for a contract, which is for the design and build including sales and marketing of the proposed one block of an apartment with 128 units in Sepang, Selangor.

The contract is worth RM20 million, with an expected date of commencement on March 21 this year. It is expected to be completed by March 20, 2019.

For both contracts, SBSB is responsible for the supervision, labour, materials, tools and machinery for the construction and completion of the contracted works.

It is also required to observe and comply with any site safety rules and regulations during execution of the contracted works, liaise and coordinate with HA Properties, Grinterra and consultants to carry out sales and marketing of the product, and all testing and commissioning of the completed works, including the obtaining of all necessary approvals.

Sentoria said it will fund the contracted works via internally generated funds and bank borrowings.

Shares in Sentoria were not traded yesterday. It last closed at 81 sen, valuing it at RM392.13 million.

This article first appeared in The Edge Financial Daily, on March 23, 2016. Subscribe to The Edge Financial Daily here.