Afternoon Highlight (31/12/12/223/698)RM1.5b theme park for Morib

RM1.5b theme park for Morib


PETALING JAYA: Sentoria Harta Sdn Bhd, a wholly owned subsidiary of Sentoria Group Bhd, is set to develop a RM1.5bil theme park in Morib, Selangor in a joint venture with a government-linked fund, a source said.

The theme park, called Morib Beach Resort City, will be developed over the next eight to 10 years.

Designed as an integrated resort city, the theme park will consist of a water theme park, a safari park, a resort and convention centre and a boutique hotel. The 121ha land, estimated to be worth some RM20mil, belongs to the government-linked fund and will be developed on a profit-sharing basis.

“The government-linked fund chose Sentoria because of the success of its Bukit Gambang Water Theme Park in Pahang,” the source said. Sentoria is the developer and operator of the Bukit Gambang Resort City in Kuantan.

With work set to begin in the first half of 2013, the first phase of the Morib development will be the water theme park and accommodation, followed by the safari park.

The entire development will comprise serviced apartments, resort villas and MICE (meetings, incentives, conferences and exhibitions) facilities.

The land is sited close to the Kuala Lumpur and Putrajaya vicinities.

“Based on the joint-venture agreement, Sentoria Harta will develop the land at its own cost and expense, including the land premium. The return on gross development value (GDV) is expected to generate between 20% and 30% in gross profit margin,” the source said.

He said Sentoria had two options for repayment of the land. It could either pay off the land upon completion of 50% of the development, or it could pay off upon obtaining all the relevant approvals and consent in respect of the project.

Earlier this month, Sentoria announced it was undertaking a RM315mil mixed development in Pahang. Sited on 84ha owned by Fajar Pertiwi Sdn Bhd, Taman Bukit Rangin 2 will be developed into 2,500 residential and commercial units by its wholly owned subsidiary Sentoria Alam Sdn Bhd.



Source : The Star

Date : 31 December 2012

Afternoon Highlight (31/12/12/223/698)