Oriental Daily -Tycoon Danny Tan to inject project worth RM4.3b into Tropicana

Kuala Lumpur, 14 September 2018 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) announced its major shareholder Tan Sri Danny Tan Chee Sing and his children has acquired 50.1% stake in Peluang Duta Sdn. Bhd. for RM 49.05mil. Tropicana said the purchase consideration works out to RM 40 per sq. ft.

Peluang Duta Sdn. Bhd. whose 70% owned subsidiary T Sanctuary Development Sdn. Bhd. owns two plots of leasehold land totaling 329.1 acres in Johor Bahru, which will be evolved into a mixed development with a Gross Development Value (GDV) of RM 4.3bil. Tropicana said in a statement that the group believes Johor Bahru is a strategic location for housing development as the non-bumiputra lot in Ayera Residences of Tropicana Danga Cove had sold off.