Sentoria plans a waterpark, safari park, resort and convention centre for Morib, Malaysia.
The Sentoria Group Berhad has paid RM20.25 million ($5 million) for 150 acre plot in Morib, a quiet seaside town in the Kuala Langat district of Selangor, Malaysia. It purchased the land from Seriemas Development Sdn. Bhd.
The Star reports that Sentoria informed Bursa Malaysia that it had signed the sale and purchase agreement for the 150 acres.
Sentoria plans to construct a water park over 22 acres of the site. A resort and convention centre with occupy 38 acres. A safari park (comprising both river and night safaris) will take 78 acres. A boutique hotel will enjoy a 12 acre site.
The company says that: “The land acquisition will be financed by the term loan of RM13.5million by a bank and the balance of RM6.75million will be through internally generated funds.”
Safari park and waterpark development
Sentoria is a property developer and resort operator based on the east coast of Malaysia. It is best known for its integrated resort-style living developments. Its Bukit Gambang Resort City development in Pahang has many similarities with the proposed Morib project. The family-oriented resort is set in over 500 acres of lush jungle and comprises a safari park, waterpark, conference centre and various accommodation units. Sentoria also owns Sempurna Resort at Jalan Pekan.
Sentoria said the land acquisition at Morib would boost its position in property development and complement other development projects.
“The sizeable land bank and market condition offer opportunity for Sentoria to participate in potentially viable property development especially affordable housing in the west coast of Peninsular Malaysia,” the company said in a statement. “The land acquisition is expected to contribute positively to the future earnings and thereby improve shareholders’ value over the medium to long-term.”