Tropicana’s Financial Milestone
Property giant, Tropicana Corporation Berhad, has once again demonstrated its financial strength by successfully redeeming the second tranche of the Sukuk Wakalah Programme, valued at RM179 million, due on 6 October 2023. This follows the company’s earlier redemption of the first tranche, amounting to RM465.5 million, on 30 June 2023. This commendable financial move is part of the RM1.5 billion Islamic Medium Term Notes Programme initiated by the Group.
Sustainable Earnings and Growth
The Group’s management highlighted the company’s unwavering commitment to delivering sustainable earnings. This commitment is evident from its robust RM2.3 billion unbilled sales, the ongoing property sales campaign, and the enhanced performance across various sectors, including property development, property investment, recreation, and resort operations.
strategic ingress and egress, with a direct link to the Federal Highway for ease of
connectivity
The management stated, “In line with our mission to transform Tropicana into a future-ready property group with a strong purpose of sustainable growth, we have prioritised our core property segment, centred around our development DNA and ESG commitments. We have strategic divestment plans that we are confident of achieving and will continue to roll out effective sales campaigns to drive growth, especially emphasising on our digital and online engagement initiatives. We also want to take this opportunity to extend our sincere appreciation to our business partners who have been supportive to Tropicana Group.”
Achievements and Optimism
July 2023 marked a significant achievement for the Group, reporting a whopping RM664.2 million property sales in just the first half of the year. With high sales bookings surpassing RM1.3 billion, the Group is poised for continued market dominance, backed by its RM2.3 billion unbilled sales and the strong demand for its ongoing projects.
The Group’s optimism is further bolstered by the consistent demand for properties in prime locations within Tropicana’s well-established and burgeoning townships. Recent developments have witnessed remarkable take-up rates, with properties like SouthPlace Residences and Umara Shop Offices achieving 94% and 100% take-up, respectively.
Upcoming Attractions
Driven by its past successes, Tropicana is gearing up for new and upcoming developments in 2023, including the SouthPlace 2 Shoppes & Serviced Residences and the Phase 1 Terrace Homes at Tropicana Alam. These projects are expected to further solidify Tropicana’s market presence.
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A Promising Future
With a vast landbank spanning 1,842 acres and a potential GDV of approximately RM120 billion, Tropicana is strategically positioned to unlock significant value and ensure sustainable performance in the coming years.
