For the financial period ended 30 September 2024, the Group recorded a revenue of RM877.8 million. Tropicana’s financial position continues to improve, with gross gearing level reduced from 0.74 times as of 31 December 2023 to 0.70 times as of 30 September 2024. The Group’s unbilled sales stood at RM2.3 billion placing the Company in a comfortable position to deliver sustainable earnings.
In October 2023, property developer Tropicana Corporation Berhad (“Tropicana” or “the Group”) introduced its first signature township in Puncak Alam. Aptly named Tropicana Alam, this 362-acre integrated development offers 8 lifestyle and commercial components. The township unveiled the Avisa Residences first phase modern terrace show units while celebrating the 70% take-up of its 431 units within the first 7 months. This exciting update is due to the high demand for the development on its first opening weekend in March 2024.
Tropicana Transforms Southplace 2 Residences With The Makeover Guys Offering Fully-Furnished Designer Homes At Unbeatable Value • Tropicana continues to redefine the art of living
Award-winning Tropicana Gardens, an integrated and Transit Oriented Development (“TOD”) at Tropicana Indah, celebrated 100% take-up and Topping Off milestone for Edelweiss Serviced Residences, SOFO and Shoppes. This seventh phase of Tropicana Gardens, a hallmark development by Tropicana Corporation Berhad (“Tropicana” or “The Group”) and joint venture with The Selangor State Development Corporation (“PKNS”), hosted a Topping Off Ceremony marking the successful completion of the building structural stage. This ceremony denotes the timely progress and delivery for Edelweiss as it is targeted for completion by Q4 2025.
Tropicana Wins Gold At ESG Positive Impact Awards 2024 For Its ESG Excellence • Tropicana came out tops when the Group won Gold at
Positioning itself as an eco-friendly and sustainable community builder, Tropicana Corporation Berhad (“Tropicana” or “Group”) inked an MOU with GreenRE Sdn Bhd (“GreenRE”) to pledge a long-term partnership anchored on sustainable living. This MOU demonstrated Tropicana’s commitment to sustainable practices and green building excellence for its developments.
Tropicana Corporation Berhad (“Tropicana” or “Group”) announced its unaudited financial results for the second quarter ended 30 June 2024 (“Q2 2024”). The Group’s profit before tax (“PBT”) for Q2 2024 rose to RM76.1 million compared to RM1.8 million in the corresponding quarter last year, mainly due to higher income as a result of higher progress billing, unrealised gain on quoted shares and lower finance cost following the Group’s debt reduction initiatives.
In July, Tropicana Corporation Berhad (“Tropicana”) celebrated the 7 months early handover of vacant possession (“VP”) to 116 happy homeowners of Gemala Residences in Tropicana Aman, the developer’s largest 863-acre self contained township at Kota Kemuning. Gemala Residences is a premium lakeside development within Tropicana Aman located on a 16-acre enclave featuring modern smart homes for the tech-savvy offering peace-of-mind security within a guarded township.
Sorry. I do not understand the article below. Basically, it is implied that when it comes to renting out their property, homeowners are supposed to ensure they only rent to locals? If they rent out to foreigners, then it’s not good because then they will turn the neighbourhood into a foreign colony. However, at the moment, this is more of an advice since there are no legal requirement that Malaysian homeowners can only rent out to locals and not foreigners. Do read on and let me know your thoughts, if you also own properties in the areas stated below.
Typically, the land price is usually 10-15 percent of the gross development value (GDV). Therefore, if a developer purchases a RM100 million land, then they are aiming for a GDV of probably RM1 billion. Of course, if this piece of land is within the city centre, then land cost versus GDV could be much higher because land price within the city centre is usually higher than land in the suburbs for example.
Tropicana Indah Sdn Bhd (“TISB”), an indirect 70%-owned subsidiary of Tropicana Corporation Berhad (“Tropicana” or “Group”), has signed a sale & purchase agreement (“SPA”) with IOI Mall Damansara Sdn Bhd (“IOI MD”), a wholly-owned subsidiary of IOI Properties Group Berhad (“IOIPG”), for the sale of Tropicana Gardens Mall (“TGM”) for a total consideration of RM680 million. This disposal will enable the monetisation of Tropicana’s investment property. The proceeds from the sale will be used to substantially reduce the Group’s debt, thereby improving the cash flow position and reducing interest expenses. This transaction aligns with the Group’s ongoing strategic initiatives to monetise its low-yielding landbanks and investment properties, providing the financial flexibility necessary to support future growth.
Tropicana Aman Celebrates Timely Completion Of Freesia Residences With Qlassic Score of 81% • Tropicana Aman celebrates the timely handover of Freesia Residences to its’