Sin Chew Daily - Tropicana announced RM1.6 billion property plans for this year

Kuala Lumpur, 30 May 2017 – Group Chief Executive Officer Datuk Yau Kok Seng said in the company shareholders meeting that the new developments will design according to market’s demand with mostly include landed property around Klang Valley.

Among the property projects with gross development value (GDV) of RM 1.6bil, there’s RM 300mil worth of developments located in southern region.

Besides, the group targets to launch affordable home projects with selling price not more than RM 500,000.

Datuk Yau Kok Seng stated that the affordable high-rise residential unit would launch in coming two years, located in Tropicana Aman Kota Kemuning, Tropicana Heights Kajang and Johor as well.

This year the group will launch 766 units in Tropicana Aman and target to launch 3,000 units in the near future.

On top of that, backed by the unbilled sales of RM 2.3bil for the first quarter ended March 31, 2017, Datuk Yau Kok Seng confidence that this year’s sales performance will improve and foresee its net profit will exceed RM 1.5bil.

“With the improvement from property sales, we are eyeing to achieve more than RM 1.2bil of record sales.”

1,283 acres of land

Currently the group has 1,283 acres of land with gross development value (GDV) of RM 50bil that 80% of the land is located around Klang Valley, whereas the remaining are in Johor.

“To release such big area of land will be time consuming, hence the group decided to develop these land through mixed integrated development and meanwhile collaborate with strategic investor to speed up the release of these land value.”

To build more international school

As for the development of international school, the group is interested to continue its investment through its increased property sales.

“International school provides potential source of income and serves as an essential facility in all Tropicana township development as well. Hence, the group will continue to develop more international school in all its township development.”

Up to date the group has build three international school in Malaysia, which is St. Joseph’s Institution International School, GEMS International School and Tenby International School.

Chairman retires

Tan Sri Rastam Bin Mohd. Isa has retired from his position as independent and non-executive chairman. According to a Bursa Malaysia filing today, he was appointed as chairman of Tropicana in April 2014.