By Sharen Kaur - June 30, 2021
Sentoria Group Bhd said its property development division will continue to be the group's main focus, while its leisure and hospitality division will remain challenging in the near term with the ongoing Covid-19 pandemic.
The property development division is currently backed with a total outstanding order book and unbilled sales of about RM297 million as at March 31, 2021, from its ongoing projects in Pahang, Morib, and Sarawak.
According to its website, the group's ongoing projects include Bukit Rangin Perdana 2 in Kuantan, Pahang, Sentoria Morib Resort City, and Borneo Samariang Resort City in Kuching, Sarawak.
"These ongoing projects together with the planned launches are anticipated to continue to contribute positively to the group in the foreseeable future, it said in a filing with Bursa Malaysia today.
On the group's leisure and hospitality division, Sentoria said it had been greatly affected by the Movement Control Order (MCO) imposed by the government to curb the spread of Covid-19 and envisage that the business would require more time before the operation normalises.
The division operates Bukit Gambang Resort City in Gambang, Pahang, a family-oriented resort with multiple attractions such as Bukit Gambang Water Park and Bukit Gambang Safari Park, as well as accommodation. It also operates Sempurna Resort in Kuantan, Pahang.
Sentoria said in order to mitigate the impact of the pandemic disruption to its operation, it is undertaking a review to streamline its financial obligation in response to the adverse operating environment to better position the group moving forward.
The group said it will focus on liquidity and capital adequacy during this challenging time.
"We are currently in discussion with our bankers, creditors, and various stakeholders to restructure and reschedule the group's financial obligations to restore itself to a stronger financial footing," it said.
The group said in the filing that it is determined to overcome its present performance setback with the mutual cooperation and kind understanding of its various bankers and stakeholders.
Meanwhile, Sentoria said some businesses of the group have resumed operations under the property development segment.
The group said it will also continue to focus on residential products priced below RM300,000 and at the same time, collaborate with strategic partners to enhance and expand its design and build projects.
The development of affordable homes is in line with the government's thrust to encourage ownership of affordable houses by the B40 and M40 households, it said.
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