New Straits Times Online - Tropicana Redeems RM465.5mil Sukuk, on Track for Degearing & Growth
KUALA LUMPUR: Property developer Tropicana Corporation Bhd says it has redeemed its RM465.5 million of sukuk Wakalah due on June 30.
The sukuk Wakalah was part of the RM1.5 billion Islamic medium
Term notes issued by Tropicana.
The company, in a statement today, said it 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 its property development, property investment, recreation and resort operations.
"Sustainability is part of Tropicana's core and we have prioritised the property segment, anchored on our development DNA and ESG commitments.
"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," it
added.
Tropicana reiterated that it has robust unbilled sales of RM2.1 billion and in the
pipeline, it will continue to unlock its landbank, offering four new developments with a total gross development value (GDV) of RM1.1 billion.
"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."
It plans to roll out market-driven developments at strategic locations such as
SouthPlace 2 Shoppes & Serviced Residences, Tropicana Metropark @ Subang
Jaya, shop offices at Tropicana Aman @ Kota Kemuning and Phase 1 terrace homes
of Tropicana Alam @ Puncak Alam.
Overall, Tropicana's total landbank spans 846 hectares, with a total potential GDV of RM203.7 billion
Overall, Tropicana's total landbank spans 846 hectares, with a total potential GDV of RM203.7 billion
