This article first appeared in The Edge Financial Daily, on January 7, 2016.
KUALA LUMPUR: Sentoria Group Bhd’s 75%-owned subsidiary will co-develop residential and commercial properties with a private property investment company on 120 acres (49ha) of land in Bandar Amanjaya, Kuala Muda, Kedah.
The project has an estimated gross development value (GDV) of RM180 million.
Its unit Sentoria Utara Sdn Bhd (SUSB) has signed a joint venture (JV) agreement with landowner Sejati Pertiwi Sdn Bhd to undertake the mixed development on the freehold land.
“The JV is a strategic alliance for Sentoria to participate potentially in affordable housing development in the northern part of Peninsular Malaysia,” it said.
It will take 36 months for SUSB and Sejati Pertiwi to complete the development, it added, and that Sejati Pertiwi would be entitled to 12.5% of the project’s GDV, based on progressive utilisation.
The 120-acre land is actually one of two land parcels totalling 300 acres that SUSB bought from Ideal Appraisal Sdn Bhd nearly a year ago. Sejati Pertiwi held the 120-acre tract as a nominee for SUSB after the land sale.