KUALA LUMPUR (Jan 2): Property developer and leisure resort operator Sentoria Group Bhd has proposed to acquire three parcels of freehold land in Bandar Amanjaya, Kedah from Ideal Appraisal Sdn Bhd for RM46.44 million.
In a filing with Bursa Malaysia today, Sentoria said its 75%-owned subsidiary, Sentoria Utara Sdn Bhd, has signed a sale and purchase agreement (SPA) with Ideal Appraisal for the proposed acquisition of lands totalling 304.605 acres.
The completion of the acquisitions is expected in the first quarter of 2016.
“The lands are adjoining to each other and are situated with 9.2km route from toll Sungai Petani Utara at Kuala Muda, Kedah and next to Ambangan Heights," it added.
Sentoria said it intends to develop the lands into mix development of residential and commercial components, in particular affordable housing segment.
"Based on the preliminary plans and subject to the approval of the relevant authorities, the lands are expected to generate an estimated gross development value of RM800 million," it added.
Sentoria plans to fund the land acquisitions through internal funds and/or bank borrowings.
Its shares closed at RM1.23 today, giving it a market capitalisation of RM554 million.