Sentoria targets high-end visitors to BGRC with RM735m new development

KUALA LUMPUR (Feb 23): Sentoria Group Bhd, the operator of Bukit Gambang Resort City (BGRC) in Kuantan, is targeting high-end visitors to its resort city by undertaking a RM735 million gross development value (GDV) project.

The development — dubbed Global Heritage — sits on 114 acres of land, and offers 1,070 units of themed resort villas, including a five-star 273-suite boutique hotel.

The resort villas will be sold on a sale-and-leaseback option strategy and will feature an international concept based on global cities such as Amsterdam, San Francisco, Venice, Barcelona and others.

According to Sentoria head of public and investor relations Nasiruddin Nasrun, the new addition to the resort will be synergistic to the group's property development and leisure hospitality segments.

Nasiruddin was speaking after the successful listing of Sentoria Group on the Main Market of Bursa Malaysia Thursday  morning. It is the first company to list on the local bourse this year.

"We are pleased to be the first initial public offering (IPO) of the year," Nasrun said during the media briefing. "Our listing today will go a long way towards elevating the group's profile amongst domestic and international communities."

Sentoria recorded RM11.8 million in net profit for its first quarter ended Dec 31, 2011 (1Q12) with a profit attributable to shareholders on the back of RM57.9 million in group revenue.

Sentoria's IPO issued 60 million new ordinary shares, and an offer-for-sale of 40 million promoters' shares.

Of the 60 million new ordinary shares under public issue, 20 million were allocated for public balloting and 10 million shares for eligible directors, employees and business associates of the group at an IPO price of 85 sen per share. Sentoria's IPO was oversubscribed by 5.4 times.

Sentoria's IPO raised RM51.6 million in proceeds for the group of which RM27.7 million would be allocated for working capital; RM11.2 million for repayment of bank borrowings and RM9 million for purchase of property.

Sentoria's share price closed at 78.5 sen, down 8.5 sen from its reference price of 87 sen, with 34.2 million shares traded in.

Sentoria was established in 1998, and is the developer of BGRC. The group has also developed affordable housing primarily in Kuantan, Pahang.