The Edge Online - Tropicana Corp Redeems RM465.5m Sukuk Due End June

KUALA LUMPUR (July 3): Property developer Tropicana Corporation Bhd (Tropicana) has redeemed its Sukuk Wakalah Programme's RM465.5 million tranche due on June 30, 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. 

“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 said in a statement on Monday (July 3). 

“In addition, we have robust unbilled sales of RM2.1 billion and in the pipeline, we will continue to unlock our landbank offering four new developments with a total GDV of RM1.1 billion which will contribute to the future earnings of the group,” it added. 

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.  

Overall, Tropicana’s total landbank spans 2,091 acres, with a total potential gross development value (GDV) of approximately RM203.7 billion.