Tropicana Corporation Redeems RM465.5 Million Sukuk Wakalah Programme In a pivotal financial move, Tropicana Corporation Berhad (Tropicana or The Group) has redeemed the RM465.5 million tranche of its Sukuk Wakalah Programme due on 30 June 2023. The programme was part of the larger RM1.5 billion Islamic Medium Term Notes Programme initiated by the Group.
Sustainable Earnings Backed by RM2.1 Billion Unbilled Sales
The management of Tropicana indicated a strong belief in delivering sustainable earnings supported by its robust RM2.1 billion unbilled sales, ongoing property sales campaign, and the improved performance from various operations, including property development, property investment, and recreation and resort ventures.
ESG Commitments at the Heart of Tropicana’s Development DNA
The management stressed, ” Sustainability is part of Tropicana’s core and we have prioritised the property segment, anchored on our development DNA and ESG commitments. We have strategic plans in place that we are confident of achieving and we will continue to roll out effective marketing and sales campaigns to drive growth.”
Unlocking the Landbank: Anticipated Growth from Four New Developments
With an impressive RM2.1 billion unbilled sales in hand and strategic plans for unlocking their landbank, Tropicana aims to introduce four new developments boasting a total GDV of RM1.1 billion. These projects are forecasted to contribute significantly to the Group’s future earnings.
Prime Property Demand in Tropicana’s Townships Expected to Remain Strong
Despite market fluctuations, the Group remains bullish about the persistent demand for properties in its prime locations within its established, maturing, and developing townships. The Group has identified strategic locations for market-driven developments such as SouthPlace 2 Shoppes & Serviced Residences, Shop Offices in Tropicana Aman, Phase 1 Terrace Homes in Tropicana Alam, and Tropicana Paradise Villa Lots in Tropicana WindCity.
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With a substantial landbank spanning 2,091 acres and a potential GDV of around RM203.7 billion, Tropicana is strategically positioned to unlock significant value from its vast landbank, promising sustainable performance in the years to come.
