Oriental Daily - TROP cooperate with MATRIMONT develop housing project

Tropicana cooperate with Matrimont to develop housing project

Tropicana Corp. Bhd. (TROP, 5401, main market, property) announced its wholly-owned unit Tropicana Harapan Sdn. Bhd. (THSB) entered into a joint ventured agreement with Matrimont Development Sdn. Bhd. and THSB's unit Vivascape Sdn. Bhd. to jointly develop two parcel of lands in Petaling Jaya into residential development.

According to statement, THSB will dispose two parcel of land measuring approximately 2,848 sq. m. and 8,574 sq. m. to Vivascape Sdn. Bhd. MDSB will take up 49% stake in Vivascape and THSB will hold the remainder 51%.

Tropicana said the proposed JV is in line with its objective to expand and strengthen its existing business for the development of residential properties, and represents an opportunity for the group to unlock the land value with a lower cost of equity.