KUALA LUMPUR: Sentoria Group Bhd has obtained the green light from the Ministry of Housing and Local Government (KPKT) to complete its projects.

The property developer has been issued an interim removal from the delayed housing development list. The notice is timely to Sentoria’s corporate turnaround exercise, which saw newly appointed senior management and board restructuring.

Group CEO Datuk Loh Yuen Tuck said, “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.”

With KPKT’s approval now secured, the Orkid project, a terrace-house development at Morib Bay, Selangor, will see an accelerated completion date. The project comprises 148 single-storey terrace houses, of which 126 have been sold, with Certificate of Completion and Compliance (CCC) to be completed by June. Sentoria’s sold out Seroja and Mawar projects are in line to be completed by the first quarter of this year. The total gross development value of the three projects are about RM80 million.

Loh said, “Our dedication to completing the project remains unwavering, echoing our commitment to our 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.”

The endorsement from KPKT not only accelerates the completion of existing projects but also clears the path for Sentoria to resume development on previously postponed projects.

Elaborating on Sentoria’s parallel turnaround development, Loh confirmed the successful submission of Sentoria’s proposals to Bursa Malaysia, which contain two interlinked initiatives – share consolidation and redeemable convertible bonds.

“These proposals aim to showcase Sentoria’s commitment to revitalising 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,“ he said.