PETALING JAYA: Property developer Tropicana Corporation Bhd (Tropicana) celebrated many milestones in 2023, from 100% take-up of Tropicana Aman’s new shop offices, awards from industry experts to Islamic bond (sukuk) redemption of RM465.5mil. In a statement, the group announced that its property development arm has surpassed its property sales target, hitting RM650mil in the first six months of FY 2023 as property bookings soared above RM1.3bil.
The management cited that the group is on track to hit its RM1.3bil mark as it focuses on rolling out market-centric developments while selling completed stocks to drive significant cashflows. Aside from the positive sales achievements, Tropicana's unbilled sales stood at RM2.1bil providing sustainable earnings for the group.
“Sustainability is part of Tropicana’s core, centred around our development DNA and ESG pillars. To uphold our promise to our stakeholders, we plan to sustain our earnings and sales momentum by offering market-centric developments backed by aggressive ongoing property sales campaigns. In addition, we have robust unbilled sales of RM2.1 billion and we will continue to unlock our landbank offering 4 new developments with a total GDV of RM1.1 billion which will contribute to the future earnings of the group. In the pipeline, we will be unveiling Tropicana’s first township at Puncak Alam, offering our Tropicana unique development DNA to the community,” the management emphasised.
The group remains optimistic and believes that there will still be strong demand for properties in prime locations in Tropicana’s established, matured, and developing townships. In 2023, the group has four market-driven developments in place namely SouthPlace 2 Shoppes and Serviced Residences in Tropicana Metropark at Subang Jaya, Tropicana Aman's Shop Offices in Kota Kemuning, Tropicana Paradise Villa Lots inTropicana WindCity, Genting Highlands and Tropicana Alam's Phase 1 Terrace Homes in Puncak Alam
Overall, Tropicana’s total landbank spans 2,091 acres, with a total potential gross development value of approximately RM203.7bil, placing the group in a good position to unlock the value of its strategic landbank and deliver sustainable performance in the next few years.