Sentoria Group Berhad (“Sentoria”) has received green light from Kementerian Pembangunan Kerajaan Tempatan (KPKT) to move ahead to
complete its projects.
The developer was issued an interim removal from the delayed housing development list.
The notice was timely to Sentoria’s corporate turnaround exercise as they recently appointed new leaders and restructured their board as part of a new strategy for the company’s future. The notice played a crucial role during this period of change, indicating its relevance to the ongoing transformation of Sentoria.
Sentoria Group Berhad, Group Chief Executive Officer, Dato’ Loh Yuen Tuck expressed gratitude for KPKT’s decision, stating, “We warmly welcome and appreciate this positive news. It marks a significant milestone, providing the much-awaited support to successfully conclude our pending critical projects in Morib, especially for the benefit of our valued customers.”
As they secured KPKT’s approval, the Orkid project, a terrace-house development at Morib Bay, Selangor, will see an accelerated completion date.
The project comprising, 148 single-storey terrace house units, with 126 units sold, with Certificate of Completion and Compliance (CCC) i said to be completed by June 2024.
Meanwhile Sentoria’s sold out Seroja and Mawar projects are in line to be completed by the 1st quarter of 2024. The total GDV of the 3 projects are approximately RM 80 million.
Dato’ Loh emphasised their dedication to complete the project is unwavering as it echoes their commitment to the customers, particularly within the framework of the Rumah Selangorku initiative. “To our fellow Selangorians, Sentoria stands firm in fulfilling our pledge, ensuring that your homes will be delivered to you soon.” he added.
The endorsement from KPKT is said to accelerate the completion of existing projects, and clear the path for Sentoria to resume development on previously postponed projects.
Dato’ Loh also confirmed the successful submission of Sentoria’s proposals to Bursa Malaysia which contain two inter-linked initiatives namely the Share Consolidation and the Redeemable Convertible Bonds (“RCB”). “These proposals aim to showcase Sentoria’s commitment to revitalizing its capital structure and enhancing liquidity. This, in turn, will send a positive signal to the market, affirming Sentoria’s capability to successfully conclude ongoing project developments and secure funding for future projects,” concluded Dato’ Loh.
