Tropicana Corporation’s Strong Landbank and Positive Growth Outlook in Real Estate Market

  • 10 months ago
  • News
Tropicana Corp 2 tropicanacorp

Tropicana Corporation Berhad possesses an extensive landbank totaling 2,091 acres, with a substantial gross development value (GDV) of approximately RM203.7 billion. The company’s strategic position allows it to unlock the value of its prime land assets, setting the stage for sustained performance in the coming years.

Remaining bullish about the real estate sector, Tropicana is confident that demand will persist for properties within its established and emerging townships. The company’s management highlights encouraging take-up rates in both existing and new developments across key locations, including Klang Valley, Langkawi, and Genting Highlands.

Recent occupancy rates showcase the popularity of Tropicana’s offerings:

  • SouthPlace homes at Tropicana Metropark, Subang Jaya: 94% occupancy
  • Edelweiss SOFO and serviced homes at Tropicana Gardens, Tropicana Indah: 87% occupancy
  • Hana Residences and The Shop Offices at Tropicana Aman, Kota Kemuning: 75% and 100% occupancy respectively
  • Tower A TwinPines serviced suites at Tropicana Grandhill, Genting Highlands: 90% occupancy
  • Assana serviced suites at Tropicana Cenang, Langkawi: 90% occupancy

Drawing from its proven track record, Tropicana’s management expresses confidence that upcoming developments in 2023 will maintain positive market momentum. Notable projects include SouthPlace 2 Shoppes and serviced apartments at Tropicana Metropark, phase 1 terrace homes in Tropicana Alam, and Tropicana Paradise villa lots in Genting Highlands.

For the second quarter ending on June 30, 2023, Tropicana reported robust financial results. Revenue reached RM464.5 million, a significant increase of 119.7% compared to the corresponding period in the previous year (Q2 2022: RM211.4 million). Pre-tax profit also soared by 102.9% over the same period.

This remarkable growth can be attributed to higher progress billings, increased sales in key projects across regions, and strategic cost management efforts to curtail expenses. Tropicana’s management is confident in the company’s market presence and its potential to drive future earnings. With an impressive unbilled sales value of RM2.3 billion and robust uptake of ongoing projects, Tropicana is poised for success. Additionally, the introduction of four new developments with a combined value of RM1.1 billion in 2023 further bolsters the company’s prospects.

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