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Tropicana will continue to be market-driven in its product offerings

Published: Wednesday, 29 September 2021

Tropicana Corp Bhd expects continued demand for properties in good areas, despite the current economic climate.

Its group managing director Dion Tan believes there will be demand across its existing, matured, and growing townships with appealing pricing and unique ownership packages and offerings.

Tan said that the company will continue to be market-driven in its product offerings while unlocking the potential of its land bank in key sites throughout the Klang Valley, Genting Highlands, and the southern region.

Tropicana Heights, Tropicana Aman, and Tropicana Metropark in the Klang Valley, as well as Tropicana Uplands and Tropicana Alma in Johor, would continue to bring new phases of development, he stated in a stock exchange filing today.

Tropicana released its unaudited financial results for the second quarter of fiscal year 2021, which ended on June 30, 2021. (2Q FY2021).

In the quarter under review, it sold RM349.6 million in real estate.

Despite a 970.3 percent increase in property sales, Tropicana's revenue for the second quarter of FY2021 fell 41.9 percent to RM195 million, compared to RM335.7 million in the second quarter of FY2020.

The company attributed the poor results to the Covid-19 pandemic and the implementation of the Full Movement Control Order (FMCO), which had an impact on its property investment, recreation, and resort operations.

"Like all businesses, the pandemic and FMCO have caused disruption and delays in the rollout of our new projects as well as ongoing projects. The lockdown has also negatively impacted our property investment, recreation, and resort operations. We will continue to monitor the market, and roll out more engagement initiatives to drive more sales," Tan said in the filing.

Tropicana's unbilled sales climbed by 84.6 percent to RM1.3 billion in the quarter under review (2Q FY2020: RM679 million), owing to its residential, commercial, and resort-themed initiatives.

The company's total landbank stood at 869 hectares, with a gross development value of around RM77 billion.

This, according to Tan, puts the company in a solid position to unlock the value of its strategic landbank and deliver long-term earnings.

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