The Star Online - Tropicana has unbilled sales of RM727mil
“As at March 31, the group recorded unbilled sales of RM727.2mil, anchored by six ongoing townships, commercial and resort themed projects and existing landbank of 2,344.0 acres with a total potential gross development value of RM70bil.
“With more sales recorded past MCO, the group’s unbilled sales is expected to strengthen further,” Tropicana said in a statement.
In the first quarter ended March 31, Tropicana recorded lower revenue and pre-tax profit at RM142.7mil and RM7.9mil respectively, compared to RM209.8mil and RM21mil recorded in the corresponding quarter in FY2019.
Tropicana said the lower revenue and pre-tax profit 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 which was enforced to curb the spread of the Coronavirus pandemic.
“In 2020, the group will continue to introduce new developments and phases across its signature Tropicana townships with a GDV of RM1.6bil,” it said.
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; 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.
Tropicana said 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.
Tropicana also introduced the “Tropicana Stay Home” digital platform from the beginning of the MCO to April 30 to allow buyers to experience its properties online.
Then in early May 2020, in response to customers’ feedback and queries from the previous campaign, Tropicana launched the “Tropicana 10-TEN” campaign with ten signature deals to help lessen buyers’ financial burden and worries on economic uncertainties as well as further spur their confidence in securing their dream home.
Moving forward, Tropicana 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,” it added.
