NST Online - Tropicana's 2,091-acre landbank, with GDV of RM203.7 bln will produce consistent results in the coming years

KUALA LUMPUR: Tropicana Corporation Berhad has a total landbank of 2,091 acres

with a gross development value (GDV) of about RM203.7 billion.

 According to the company's management, this puts it in a solid position to unleash the

value of its key landbank and produce sustained performance in the next few years.

 Tropicana remains confident about the real estate market and believes that properties

in its mature and emerging townships will continue to be in demand.

 According to the company's management, existing or new developments in Klang

Valley, Langkawi, and Genting Highlands have shown strong take-up in recent months.

 SouthPlace homes at Tropicana Metropark in Subang Jaya received 94 per cent

occupancy, while Edelweiss SOFO and serviced homes at Tropicana Gardens in

Tropicana Indah received 87 per cent occupancy.

 Hana Residences and The Shop Offices in Tropicana Aman in Kota Kemuning

received 75 per cent and 100 per cent occupancy, respectively.

 Tower A TwinPines serviced suites at Tropicana Grandhill in Genting Highlands,

Pahang, received 90 per cent occupancy, while Assana serviced suites at Tropicana

Cenang in Langkawi received 90 per cent occupancy.

Based on its track record of success, management is confident that its new or

impending developments in 2023 will continue to gain market momentum.

 SouthPlace 2 Shoppes and serviced apartments at Tropicana Metropark, phase 1

terrace homes in Tropicana Alam, and Tropicana Paradise villa lots in Genting

Highlands are among the new projects.

 For the second quarter ended June 30, 2023, Tropicana recorded revenue of

RM464.5 million, which was RM253.1 million, or 119.7 per cent higher when compared

to the corresponding quarter in the preceding year (Q2 2022: RM211.4 million).

 The company's reported pre-tax profit was RM1.8 million, an increase of 102.9 per

cent over the corresponding quarter in the preceding year.

The significant increase was mainly attributed to higher progress billings and higher

sales achieved across key projects in the Klang Valley, southern, and northern regions,

as well as cost rationalisation measures to reduce overall expenses.

 "We are confident that Tropicana will continue to strengthen its market presence and

contribute to its future earnings, supported by our high unbilled sales of RM2.3 billion

and strong take-up for our ongoing projects.

 "This is complemented by our four newly launched or upcoming developments worth

RM1.1 billion in 2023," the management said.