The Star Online - Tropicana Achieves Higher Property Sales

PETALING JAYA: Property developer Tropicana Corp Bhd saw a higher property sales of RM1.3bil for the financial year ended Dec 31, 2021 (FY21).

This represents an impressive jump of 62.4% from RM802.4mil recorded in the previous year amidst pent-up demand post-lock down.

Group managing director Dion Tan noted that the market was slowly bouncing back and there was a higher pick-up in property sales transactions before the end of the Home Ownership Campaign.

Despite this, the group recorded lower revenue of RM869.7mil in FY21 compared to RM1.06bil in the preceding year.

The higher revenue in FY20 reflected the completion of the disposals of four parcels of freehold development land in Johor Bahru for RM399.2mil.

Excluding these land disposals, the revenue in the current year would have been higher by RM206.3mil, which was contributed by improved property sales and progress billings across ongoing key projects in the Klang Valley and southern region.

The group's revenue for the fourth quarter of FY21 slipped 26.8% to RM263.8mil from RM360.2mil in the previous corresponding quarter.

Meanwhile, net profit fell to RM7.9mil from RM47.4mil previously.

“Our property investment, recreation and resort operations have slowly regained their pace as well.

Our property sales continue to soar, all thanks to our team's amazing commitment and support.” He said the group will continue the good momentum, accelerate its launches and roll out more innovative marketing and sales campaigns to drive more sales.

“Digitalisation and online engagement became a big part of our marketing strategies, as these efforts have borne fruit.

“We also hope the government will introduce more innovative home ownership packages to spur the market,” said Tan in a statement yesterday.

New developments in Genting Highlands and Langkawi are expected to provide a major impetus to the group's future growth.