PETALING JAYA: Property developer Tropicana Corporation Bhd (Tropicana) is planning to launch nine projects worth RM2.9bil to unlock its prime landbank and accelerate growth.
The group believed that there is demand for properties in prime locations in Tropicana’s established, matured, and developing townships, with attractive pricing and innovative ownership packages and offerings.
Therefore, Tropicana will continue to focus on being market-driven in its product offerings whilst continuing to unlock the value of its land bank, at locations across the Klang Valley, Genting Highlands, Northern and Southern Regions, said its managing director Dion Tan.
“To add more push factor, we also unveiled the Tropicana Power Up Campaign from 1 March 2022 to 30 June 2022 which offers down payment assistance, free stamp duties for loan agreements and memorandums of transfers, double referral rewards, and bonuses on sale and purchase agreement signings.
“We believe these campaigns will be timely and appeal to the property seekers following the opening of international borders. We will continue to innovate our projects, as we adapt to the market sentiment while staying true to our Tropicana development DNA,” said Tan.
Meanwhile, Tropicana recorded revenue of RM223.3mill in its unaudited financial results for the first quarter ended March 31, 2022. While it was 7.2% lower compared to the corresponding quarter in the preceding year, the higher revenue in 2021 was attributed to pent-up demand and the Home Ownership Campaign.
However, the developer recorded a loss before tax of RM35.5mil, which was lower when compared to the preceding year. The weak performance was attributed to Tropicana’s hotel business, which is still in recovery.
Tropicana is reported to focus on following the market in its product offerings with its landbank across the Klang Valley, Genting Highlands, and northern and southern regions.
Through residential, commercial and resort developments, Tropicana’s unbilled sales stood at RM1.5bil, with a total potential gross development value of approximately RM152.2bil.