Sin Chew Daily - Tropicana Corporation Moves Towards the Next Growth
Tropicana Corp. Bhd. (TROP, 5401, main market, property) Through the “Tropicana 10-TEN” campaign, buyers are provided with an unprecedented scale of benefits including low booking fee of RM1,000; flexi-buy with free cancellation and Sales Purchase Agreement revocation within a period of 30 days; zero down-payment; cashback; easy payment options with zero-interest instalment plans up to 18 months; and Memorandum of Transfer at no extra cost.
Offers and Deals to Encourage On Securing Dream Home - The company launched the “Tropicana 10-TEN” campaign with the aim to help lessen buyers’ financial burden and to assist them in securing their dream home.
The Group CEO Alex Yeow Wai Siaw highlighted that buyers will be given the opportunity to own their properties via a 10:90 scheme to lock-in their investment and save up on progressive interest by paying only 10% before completion for minimal capital outlay.
Meanwhile, existing buyers may also earn double rewards of up to 2% by providing referrals. In the event of unemployment, pay-cuts or diagnosed with COVID-19, buyers will receive a six-month moratorium and interest waiver under this campaign.
The developments which featured under “Tropicana 10-TEN” campaign are Tropicana Aman (Kota Kemuning), Tropicana Metropark (Subang Jaya), Tropicana Gardens (Tropicana Indah), Tropicana Heights (Kajang), Tropicana Cheras, Tropicana Landmark (Kota Kinabalu) and Tropicana Grandhill (Genting Highlands).
Customer-centric Initiatives- These quick adaptive customer-centric initiatives attained overwhelming results with encouraging bookings worth over RM350.0 million as of 28 June 2020.
For the first quarter ended 31 March 2020, the group recorded lower net profit at RM5.1 million; first quarter revenue lowered at 31.96% at RM142.7 million, profit before tax (“PBT”) at RM7.9 million.
According to the Group, the lower revenue and PBT registered were attributable to lower progress billings across some of the Group’s key on-going projects and lower sales during the Movement Control Order (“MCO”) period. As at 31 March 2020, the Group recorded unbilled sales of RM727.2 million, anchored by six ongoing townships, commercial and resort themed projects and existing landbank of 2,344.0 acres with a total potential GDV of RM70.0 billion.
To Launch RM1.6 billion Worth of New Development This Year - In 2020, the Group will continue to introduce new developments and phases across its signature Tropicana townships with a GDV of RM1.6 billion. The upcoming launches include the first phase of Tropicana Grandhill, the TwinPines Serviced Suites with fully furnished serviced apartments in Genting Highlands; Shoppes & Residences (South), a mixed development comprising retail lots and serviced apartments at Tropicana Metropark, Subang Jaya.
Also, a new landed residential phase at Tropicana Aman, Kota Kemuning; Tropicana Miyu condominiums at Jalan Harapan, Petaling Jaya; as well as shop offices at Gelang Patah, Johor.
Extended Rental Waivers to Help to Brace Through the Pandemic - Despite the challenges brought on by the current economic environment, Tropicana remained true to its core purpose - listening to the needs and demands of the community where the Group has presence. The Group extended rental waivers to applicable tenants at the newly opened Tropicana Gardens Mall throughout the length of the MCO, to not only ease their burdens, but allow them to provide further assistance to their employees. The mall first opened for business only in early March 2020.
Moving forward, the Group believes that there will still be demand for properties in prime locations with attractive pricing. With the property market expected to see modest recovery in 2020, the Group will remain centred on being market driven in its product offerings while unlocking value of its landbank in strategic locations in the Klang Valley, Genting Highlands and the Southern region of Peninsular Malaysia. Guided by Tropicana’s trademark development DNA, strong track record as well as ability to introduce innovative designs at its integrated townships, the Group will continue to lay the groundwork to strengthen its foundations to see it through the next growth phase.
