Tropicana outperforms 1H23 sales target

PETALING JAYA: Property developer Tropicana Corp Bhd has surpassed its property sales target, hitting RM650mil in the first six months of its current financial year as property bookings soared above RM1.3bil.

In a statement, the group said it is on track to hit its RM1.3bil mark as it focuses on rolling out market-centric developments while selling completed stocks to drive significant cashflow.

“Aside from the positive sales achievements, Tropicana’s unbilled sales stood at RM2.1bil, providing sustainable earnings for the group.

The company emphasised that sustainability is part of Tropicana’s core, centred around its development DNA and environmental, social and governance pillars.

“To uphold our promise to our stakeholders, we plan to sustain our earnings and sales momentum by offering market-centric developments backed by aggressive ongoing property sales campaigns.

“In addition, we have robust unbilled sales of RM2.1bil and we will continue to unlock our landbank offering four new developments with a total gross development value (GDV) of RM1.1bil, which will contribute to the future earnings of the group.”

In the pipeline, Tropicana said it will unveil its first township at Puncak Alam, offering the company’s unique development DNA to the community.

“The group remains optimistic and believes that there will still be strong demand for properties in prime locations in Tropicana’s established, matured, and developing townships.”

For this year, the group has four market-driven developments in place such as its SouthPlace 2 Shoppes and Serviced Residences, Tropicana Metropark @ Subang Jaya; Shop Offices, Tropicana Aman @ Kota Kemuning; Tropicana Paradise Villa Lots, Tropicana WindCity, Genting Highlands @ Pahang; and Phase 1 Terrace Homes, Tropicana Alam @ Puncak Alam.

“Overall, Tropicana’s total landbank spans 2,091 acres, with a total potential GDV of approximately RM203.7bil, placing the group in a good position to unlock the value of its strategic landbank and deliver sustainable performance in the next few years.”