KUALA LUMPUR: Property developer and resort operator Sentoria Group Bhd plans to give up ownership of part of a plot of land meant for its Langkawi Geopark Resort City project to bring in a strategic investor for the development.

Its 75%-owned unit Sentoria Langkawi Sdn Bhd is planning to sell the 35-acre (14.16ha) leasehold plot for RM49.5 million to I Strada Sdn Bhd, from whom Sentoria Langkawi accepted a letter of intent (LoI) for the proposed disposal yesterday.

Besides roping in a strategic investor for the project, Sentoria said in a stock exchange filing that the proposed disposal will allow it to realise the value of its landbank to enhance its profitability and shareholder value.

The LoI is valid for 14 days and may be further extended upon mutual agreement.

The effects of the proposed disposal, meanwhile, will only be determined upon the group entering and executing the relevant definitive agreements, said Sentoria.

In September 2014, Sentoria purchased two pieces of leasehold land in Langkawi measuring some 120 acres for RM41.38 million to develop its fourth resort city, Langkawi Geopark Resort City.