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iProperty Online - Tropicana redeems RM179 million Islamic Bond

2023-10-11 iProperty Online - Tropicana redeems RM179 million Islamic Bond

Petaling Jaya – Property developer Tropicana Corporation Berhad (“Tropicana” or “The Group”) reported that it has redeemed the second tranche of the Sukuk Wakalah Programme worth RM179 million due on 6 October 2023. The Company has also successfully redeemed its first tranche of RM465.5 million 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 continues to deliver sustainable earnings backed by its solid RM2.3 billion unbilled sales, ongoing property sales campaign as well as improved performance from the Group’s property development, property investment, recreation and resort operations.Hana Residences at Tropicana Aman will be unveiling its new show unit to cater to the growing demand from its purchasers.


“In line with our mission to transform Tropicana into a future-ready property group with a strong purpose of sustainable growth, we have prioritised our core property segment, centred around our development DNA and ESG commitments. We have strategic divestment plans that we are confident of achieving and will continue to roll out effective sales campaigns to drive growth, especially emphasising on our digital and online engagement initiatives. We also want to take this opportunity to extend our sincere appreciation to our business partners who have been supportive to Tropicana Group.” the management emphasised.


“In July 2023, we reported the achievement of RM664.2 million property sales in the first six months of 2023 with high sales bookings of over RM1.3 billion. We are confident that the Group will continue to strengthen its market presence and contribute to its future earnings supported by our unbilled sales of RM2.3 billion and strong take-up for our ongoing projects.”Nestled in the urban city of Subang Jaya, SouthPlace 2 Shoppes & Serviced Residences enjoy strategic ingress and egress, with a direct link to the Federal Highway for ease of connectivity


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. Tropicana’s
ongoing or new developments recorded excellent take-up such as:
1. 94% take-up | SouthPlace Residences, Tropicana Metropark @ Subang Jaya
2. 80% take-up | Hana Residences, Tropicana Aman @ Kota Kemuning
3. 100% take-up | Umara Shop Offices, Tropicana Aman @ Kota Kemuning
4. 87% take-up | Edelweiss SOFO & Serviced Residences, Tropicana Gardens @ Tropicana
Indah
5. 90% take-up | Tower A TwinPines Serviced Suites, Tropicana Grandhill, Genting
Highlands @ Pahang
6. 90% take-up | Assana Serviced Suites, Tropicana Cenang @ Langkawi

Spurred by the positive track record, the Group is positive that its new or upcoming
developments in 2023 will continue to gain traction in the market:
1. SouthPlace 2 Shoppes & Serviced Residences, Tropicana Metropark @ Subang Jaya
2. Phase 1 Terrace Homes, Tropicana Alam @ Puncak Alam
3. Tropicana Paradise Villa Lots, Genting Highlands @ Pahang
4. Merissa Serviced Suites, Tropicana Cenang @ Langkawi

Overall, Tropicana’s total landbank spans 1,842 acres, with a total potential GDV of
approximately RM120 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.

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