TROPICANA FULLY REDEEMS RM89.43M TRANCHE 1 PERPETUAL SUKUK MUSHARAKAH

 Tropicana Corporation Berhad (“Tropicana” or the “Group”)  announced the full redemption of its outstanding Tranche 1 perpetual sukuk, originally issued  in September 2019. This facility was secured to fund key projects across Tropicana’s strategic  townships in Malaysia. This redemption forms part of several initiatives to reduce overall  borrowings and strengthen the Group’s balance sheet. 

In October 2025, the Group also announced the fulfilment of a RM139 million payment  obligation, representing the Tranche 4 payment under its RM1.5 billion Islamic Medium-Term  Notes (“IMTN”) Sukuk Wakalah Programme introduced in 2020. This brought total cumulative  repayments under the programme to RM1.12 billion. Subsequently, in November 2025,  Tropicana successfully issued RM300 million in IMTN—upsized from an initial RM200 million  following strong investor demand. The issuance was oversubscribed, with a significant portion  taken up by government-linked institutional investors. These milestones highlight Tropicana’s  prudent financial management and its commitment to honouring obligations to investors. 

Unbilled sales remain strong at RM2.0 billion. This performance is further supported by the  Group’s ongoing and upcoming signature developments across Malaysia, with a combined  estimated Gross Development Value (“GDV”) exceeding RM7.5 billion. 

For the financial year ended 31 December 2025, the Group reported total revenue of RM1.5  billion in February 2026, marking an increase of RM83.9 million or 6.0% compared to the  previous year. The growth was primarily driven by higher progress billings across key projects  in the Klang Valley, as well as the Southern and Northern regions.

Looking ahead, Tropicana remains focused on sustaining its growth trajectory through  stronger sales performance, strategic monetisation of landbanks and investment properties,  and ongoing financial optimisation. Reflecting this positive momentum, MARC Ratings  upgraded its outlook on the Group to positive from stable, while affirming its A rating. The  revision reflects improvements in Tropicana’s balance sheet, supported by successful  deleveraging initiatives and asset disposals aimed at reducing borrowings. 

“The full redemption of the Tranche 1 perpetual sukuk reflects the steady progress we are  making in strengthening Tropicana as an organisation and reinforces our commitment to  meeting our obligations. We will continue transforming Tropicana into a future-ready group  focused on sustainable growth. Our strategy prioritises strengthening our core property  segment through an asset-light model, leveraging our development expertise, distinctive DNA,  and strong ESG commitments. We extend our sincere appreciation to our business partners  for their continued support and trust in the Group,” said the management. 

The Group continues to gain traction in the market with 11 new developments worth an  estimated GDV of RM3.1 billion: 

1. Idaman Tower @ Tropicana Aman, Kota Kemuning 

2. Varia Shop Offices @ Tropicana Aman, Kota Kemuning 

3. Serviced Apartments & Retail Shops @ Tropicana Cyberjaya, Sepang 4. Breeze Hill Shoppes & Serviced Apartments @ Tropicana Avalon, Genting Highlands 5. Odesea Serviced Apartments @ Tropicana Shores, Langkawi 

6. Maia Solana, Maia Calista & Maia Estela Serviced Apartments @ Tropicana Lagoon,  Langkawi 

7. Bora Serviced Apartments @ Tropicana Danga Bay, Johor  

Delivery of Vacant Possession in FY2026:  

1. Umara Shop Offices @ Tropicana Aman, Kota Kemuning 

2. Edelweiss Serviced Residences, SOFO & Shoppes @ Tropicana Gardens, Petaling Jaya  3. Assana and Merissa Serviced Suites @ Tropicana Cenang, Langkawi 

Tropicana’s current landbank stands at 1,336.1 acres, with a total potential GDV of RM168.4  billion. Tropicana is strategically positioned to unlock substantial value, drive sustained  growth, and deliver long-term performance over the coming years.

Prime landbank: Tropicana has a sizeable landbank in the booming Johor market. One of its  star developments is Lido Waterfront Boulevard fronting the beautiful straits of Johor 

Seafront living: An artist’s impression of Skypark Kepler at Lido Waterfront Boulevard,  positioned as the first branded residences by Banyan Group in Johor 

Living it up: Tropicana Avalon is poised to be the next commercial hub in Genting Highlands,  offering stylish residences and retail shops in the popular Gohtong Jaya area

Pioneering smart living: Tropicana is the first developer to integrate Go Daikin into the T360  app. These MyHijau air conditioners will be installed in all 8 Tropicana new developments 

Building sustainable developments: Tropicana received 2 more green building certifications this  year for Tropicana Miyu, Petaling Jaya and Tropicana Cenang, Langkawi 

Tropicana’s new hospitality arm: T Journey was created to grow Tropicana’s short-stay and  experiential hospitality portfolio, while extending long-term value to the property purchasers

ESG impact: Tropicana celebrated a significant improvement in its Environmental, Social and  Governance (“ESG”) rating, which has doubled from 2 stars to 4 stars. This achievement is underpinned by Tropicana’s robust sustainability strategy, with an emphasis on corporate governance and the integration of equity, environmental, social, and governance (“EESG”) 

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