Sin Chew Daily - 50.1% of Peluang Duta purchased with RM49.05m; Tropicana participates in RM4.3b property project

Tropicana Corp acquires 50.1% in Peluang Duta for RM 49.05mil to develop township worth RM 4.3bil

Kuala Lumpur, 14 September 2018 - Tropicana Corp. Bhd. (TROP, 5401, main market, property) is acquiring 50.1% stake in Peluang Duta Sdn. Bhd. (PDSB) for RM 49.05mil to develop a township with gross development value (GDV) of RM 4.3bil.

According to Bursa filing, Peluang Duta has a 70% owned subsidiary named T Sanctuary Development, which owns 329.1 acres of mixed commercial and residential approved landbank in Johor Bahru.

The lands are close to Singapore and is expected to generate approximately RM 4.3bil of GDV. The overall proposed development component comprises mainly 70% residential and 30% commercial.