Tropicana Avalon, one Tropicana new projects, is poised to be the next commercial hub in Genting Highlands, offering stylish residences and retail shops in Gohtong Jaya.
PETALING JAYA: Tropicana Corporation Bhd’s (Tropicana) property investment, recreation and resort segment has seen a significant improvement which is evidenced by the increase in the occupancy rates of the hotels owned by the group.
In addition, the group’s ongoing initiatives to monetise its landbank and investment property, as well as its cost rationalisation exercise are aimed at improving the group’s financial position.
The management cited that the group’s focus and continued commitment demonstrated positive results across its key business segments. “Building townships since 1979, Tropicana has broadened its position from a resort-style developer to a sustainable community planner anchored on its eight development DNAs and three ESG pillars. Our approach focuses on future-proofing our businesses through our constant engagement with our stakeholders, especially our loyal property purchasers as well as our marketing and sales amplification through various online and offline initiatives,” it said.
“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 RM2.5 billion and strong RM1.4 billion property sales recorded across Malaysia. This is complemented by our 7 upcoming developments worth an estimated GDV (gross development value) of RM4 billion in 2024 as well as our upcoming vacant possession which will add more income for the Group,” the management added.
Tropicana’s robust landbank spans 1,842 acres, with a total potential GDV of approximately RM120bil, placing the group in a good position to deliver sustainable performance in the next few years.
The property developer achieved a revenue of RM1.51bil in FY2023, the highest in the past three financial years. The FY2023 revenue surged by 60.7% from the preceding year’s RM942.6mil, mainly due to higher progress billings across key projects in the Klang Valley, Southern and Northern Regions coupled with the disposal of lands.
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