Kuching :
Sentoria Group Bhd (Sentoria), property developer and operator of Bukit Gambang Resort City (BGRC), has secured two parcels of land in Langkawi with a total land area of 120 acres via two lease agreements signed between its subsidiary, Sentoria Langkawi Sdn Bhd and Lembaga Pembangunan Langkawi (LADA) for a total sum of RM41.38 million yesterday.
The lease agreements were executed in Langkawi earlier today and witnessed by the former Prime Minister of Malaysia, Tun Dr Mahathir Mohamad.
The two parcels of land are strategically located in Padang Matsirat (70 acres) and Mukim Ulu Melaka (50 acres). Both parcels carry a lease period of 90 years.
These agreements will pave the way for Sentoria to develop its fourth resort city, with the other three located in Kuantan, Morib and Kuching, thus enabling the group to expand its business into the North of Malaysia/Langkawi (geographical diversification) and enhancing future recurring leisure and hospitality income to create sustainable growth.
Both sites are situated at a very strategic location, enabling Sentoria to develop a premium resort city and medical village which cater for overseas tourists and investors.
The development would be synergistic to Sentoria’s business and in line with the Langkawi development and tourism plan.
This fourth resort city, to be known as Langkawi Geopark Resort City, will be developed on the 70 acres land in Padang Matsirat, which is also strategically located near the Langkawi International Airport, thus giving it easy access to the more than three million foreign tourists that visit Langkawi annually.
The Langkawi Geopark Resort City components will include Street Mall, Service Suites, Corporate Suites, Water Park, Hotels, Mice Center and Resort Mall.
The value of properties to be made available for sales is expected to fetch RM1 billion while the retained properties are amounted to RM380 million, thus giving the resort city a total gross development value (GDV) of about RM1.38 billion.
In line with Langkawi’s development and tourism plan which includes Medical Tourism, Sentoria will convert the 50 acres land in Mukim Ulu Melaka into Medical Village.
The Medical Village will consist of Medical Training Centre, Medical Tourism Centre and Housing Quarters.
As medical tourism sector is not yet part of Sentoria’s expertise, the group will be looking for strategic investors and partners to carry out this Medical Tourism project.
At the same time, Sentoria will be able to gain access and experience in this sector. This Langkawi Medical Village is expected to generate a GDV of RM700 million with RM360 million worth of residential properties will be made available for sale.
The GDV for the Medical Tourism Center, which amounted to RM315 million will be jointly developed with the right strategic partner. The balance of RM25 million worth of properties (hotel and others) will be retained by Sentoria.
Both projects are expected to kick off in one year time after receiving all the necessary approvals from the relevant authorities Sentoria was recently listed in Forbes Asia Magazine as one of “Asia’s 200 Best Under A Billion” (August 2014 edition).
As for its BGRC, the readers of HRM Asia Magazine – a Singapore based magazine which features the latest HR news, jobs, training, events and conferences, had also voted BGRC as the Winner of Most Unique MICE Venue in Asia recently. These recognitions reflect the strength and quality of Sentoria as a growing company.
source: http://www.theborneopost.com / Borneo Post Online / Home> Business / Tuesday – September 02nd, 2014
