EdgeProp Online - Tropicana redeems second tranche of sukuk wakalah worth RM179m

KUALA LUMPUR (Oct 6): Property developer Tropicana Corp Bhd has redeemed the second

tranche of its sukuk wakalah programme worth RM179 million due on Friday.

This is part of the RM1.5 billion sukuk programme issued by the group in 2020 to repay

borrowings to unencumbered secured properties. The first tranche of RM465.5 million was

redeemed at the end of June.

In a statement, Tropicana said it continued to deliver sustainable earnings backed by its solid

RM2.3 billion unbilled sales, ongoing property sales campaign, as well as improved

performance of the group’s property development, property investment, recreation and resort

operations.

“We have strategic divestment plans that we are confident of achieving, and will continue to

roll out effective sales campaigns to drive growth, especially emphasising our digital and

online engagement initiatives,” said Tropicana.

The group reported RM664.2 million property sales in the first six months of 2023, with high

sales bookings of over RM1.3 billion.

Tropicana’s upcoming developments this year include SouthPlace 2 Shoppes & Serviced

Residences, as well as Tropicana Metropark in Subang Jaya, and Merissa Serviced Suites,

Tropicana Cenang in Langkawi.

Overall, Tropicana’s total land bank spans 1,842 acres (745.43 hectares), with total potential

gross development value of approximately RM120 billion. The group said it is in a good

position to unlock the value of its strategic landbank, and deliver sustainable performance in

the next few years.

At Friday’s noon break, Tropicana’s share price settled two sen or 1.65% higher at RM1.24.

This valued the group at RM2.85 billion.

Tropicana Corp is a strategic partner with EdgeProp START, featuring the Tropicana

Gardens and SouthPlace 2 Residences developments. 

All Tropicana Corp homebuyers also get to enjoy rewards worth up to RM3,888 and

stand a chance to win a set of JBL Bar 1300 speakers worth RM7,999 when you sign

up on EdgeProp START from now till Dec 31