Sentoria eyes RM350m property sales for FY17
> Developer optimistic because it operates in the affordable housing segment
KUALA LUMPUR: Sentoria Group Bhd is targeting property sales of RM350 million in the current financial year ending Sept 30, 2017 (FY17), compared with RM228 million achieved in FY16, said joint managing director Datuk Gan Kim Leong.
“Overall, the market is challenging but because we operate in the affordable housing (sector) and we have slightly more unbilled sales (than last year), we think it’s still positive to us,” he told reporters at its corporate update briefing here yesterday.
Sentoria is an affordable housing developer with 96% of its residential units priced below RM300,000 each. In FY17, Sentoria will be intensifying its property launches with RM400.2 million worth of affordable housing development to be launched in Kuantan, Kuching and Morib.
It is targeting property sales of RM350 million in FY17 and RM450 million in FY18. In FY16, its property sales stood at RM228 million, compared with RM94 million in FY15. The group’s unbilled sales as of Sept 30, 2016 amounted to RM293.47 million.
Sentoria has a total landbank of 1,800 acres with a gross development value (GDV) of RM9.8 billion in Kuantan, Kuching, Kuala Langat, Sungai Petani and Langkawi.
Its leisure and hospitality division saw a loss of RM89,000 in FY16, compared with an operating loss of RM6.6 million in FY15, amid declining disposal income and weak consumer sentiment.
“We hope our leisure and hospitality division will break even in FY17,” Gan said, adding that the group plans to improve customer experience.
Meanwhile, he said, the group aims to complete its second resort city, the Borneo Samariang Resort City (BSRC) in Kuching in 2017 for its opening by 2018.
Gan said BSRC should do better than its first resort city, which is the Bukit Gambang Resort City in Kuantan, in the first three years due to the strong meetings, incentives, conventions and exhibitions market in Kuching.