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apple developer:Sentoria sells Bandar Amanjaya land for RM27.9mil

admin2021-01-0920

KUALA LUMPUR: Property developer Sentoria Group Bhd said a 75% owned subsidiary is selling close to 188 acres of development land near Sungai Petani. Kedah for RM27.9mil. Proceeds from the proposed disposal will be used to repay bank borrowings. "In undertaking the proposed disposal, our company has considered the significant impact from the outbreak of the Covid 19 on the Malaysian economy, which affected the operations of the Sentoria’s Leisure and Property development division," it said. "The disposal is part of monetisation of the inventories for the purpose of the company restructuring measures with the financial institution in response to these conditions," Sentoria said in a filing with Bursa Malaysia today. Sentoria was planning to develop 1292 units of residential properties and 90 units of double story shop with an estimated gross development value of RM504.7mil on the land located in in Bandar Amanjaya. The mixed development project, however, was still in the planning stage has not obtained the planning permission from the local planning authority. Sentoria on Friday said its subsidiary Sentoria Utara Sdn Bhd is selling the land to Redvalley Development Sdn Bhd.
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