Tropicana Corp Bhd has achieved remarkable success in its property sales, surpassing its target and reaching RM650 million in the six months ending June 30, 2023 (1HFY2023). The property developer disclosed that property bookings have soared above RM1.3 billion, indicating a strong demand for its developments.
In a filing with Bursa Malaysia, Tropicana Corp expressed its confidence in achieving a total sales target of RM1.3 billion, primarily due to its strategic focus on introducing market-centric developments and leveraging completed stocks to drive significant cash flows. With unbilled sales standing at RM2.1 billion, the group ensures sustainable earnings for its future performance.
The company plans to unlock its land bank, offering new developments with a total gross development value (GDV) of RM1.1 billion, contributing to the group’s future earnings. Tropicana Corp also has an exciting project in the pipeline – the unveiling of its first township at Puncak Alam. This new development will showcase Tropicana’s unique DNA and commitment to enhancing communities.
Tropicana Corp’s extensive land bank spans 2,091 acres, presenting a massive potential GDV of RM203.7 billion. This strategic advantage places the company in a strong position to unlock the true value of its land bank and deliver sustainable performance in the coming years.
However, it’s important to note that Tropicana shares experienced a dip of six sen or 6.02% on Thursday (July 27), reaching RM1.25, resulting in a valuation of the group at RM2.87 billion. Despite this short-term market fluctuation, the company’s robust sales performance and future development plans signal a positive outlook for Tropicana Corp in the real estate market.