iProperty Online - Tropicana Redeems RM 465.5 Million Islamic Bond, Stays On Track For Degearing And Growth
Petaling Jaya (3 July 2023) – Property developer Tropicana Corporation Berhad (“Tropicana” or “The Group”) reported that it has redeemed the Sukuk Wakalah Programme tranche of RM465.5 million due on 30 June 2023. This Sukuk Wakalah Programme was part of the RM1.5 billion Islamic Medium Term Notes Programme issued by the Group. The management cited that the Group will continue to deliver sustainable earnings backed by its solid RM2.1 billion unbilled sales, ongoing property sales campaign as well as improved performance from the Group’s property development, property investment, recreation and resort operations.
“Sustainability is part of Tropicana’s core and we have prioritised the property segment, anchored on our development DNA and ESG commitments. We have strategic plans in place that we are confident of achieving and we will continue to roll out effective marketing and sales campaigns to drive growth. We also want to take this opportunity to extend our sincere appreciation to our bankers who have been supportive to Tropicana Group.” the management emphasised.
“In addition, we have robust unbilled sales of RM2.1 billion and in the pipeline, we will continue to unlock our landbank offering 4 new developments with a total GDV of RM1.1 billion which will contribute to the future earnings of the Group.”
The Group remains optimistic and believes that there will still be demand for properties in prime locations in Tropicana’s established, matured, and developing townships. The Group plans to roll out market-driven developments at strategic locations such as:
SouthPlace 2 Shoppes & Serviced Residences, Tropicana Metropark @ Subang Jaya
Shop Offices, Tropicana Aman @ Kota Kemuning
Phase 1 Terrace Homes, Tropicana Alam @ Puncak Alam
Tropicana Paradise Villa Lots, Tropicana WindCity, Genting Highlands @ Pahang
Overall, Tropicana’s total landbank spans 2,091 acres, with a total potential GDV of approximately RM203.7 billion, placing the Group in a good position to unlock the value of its strategic landbank and deliver sustainable performance in the next few years.
