Sin Chew Daily - Tropicana corporation berhad jointly operate to develop basement and industry develop value total is RM4.78 bilion

Kuala Lumpur, 24 April 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) has inked four joint development agreements (JDAs) to develop four pieces of land with total development value of projects from RM 15.7mil to RM 362.2mil.

According to the group’s statement, the four landowners include Pantai Kok (PK) Resort Development Sdn. Bhd., Sinaran Ramah (SR) Sdn. Bhd., Suci Padu (SP) Sdn. Bhd. and Ibarat Indah (II) Sdn. Bhd. The lands are mainly at Pulau Langkawi and Pekan Nenas in Johor.

The management revealed that the group does not own any lands in Pulau Langkawi and Pekan Nenas in Johor. Thus, the collaborations with the first the developers will provide an opportunity for Tropicana to expand its presence in respective area. The total gross development value (GDV) for the above-mentioned projects is RM 4.78bil, whereas the cost is estimated at RM 3.9bil.