The Star, 21 February 2014 – Tropicana to open offices in China Indonesia

The Star, 21 February 2014

JOHOR BARU: Tropicana Corp Bhd (TCB) is planning to open three overseas offices - two in China and one in Jakarta - to sell its properties, particularly in Iskandar Malaysia, where it has three multi-billion-ringgit mixed developments on 115.73ha of land.

The high-end developer set up an office in Shanghai last month.

At a media briefing on Thursday, sales and marketing executive director Pamela Loh said, “Iskandar Malaysia has been developing and progressing well since its inception in 2006. It will continue to drive demand for properties in South Johor.”

She said the opening of the overseas offices was an indication that more foreigners were showing interest in residential and commercial properties here.

She added that the presence of China and Singapore-based developers in the economic growth corridor was a strong signal that South Johor was going to be the country’s next growth centre.

According to Loh, Singaporeans were still the largest group of foreigners buying properties here, although buyers from China, Hong Kong and Indonesia have been making their presence felt in the state in recent years.

“Johor Baru’s close proximity to Singapore is an added advantage for developers in Iskandar Malaysia, as they (foreign buyers) can have the best of both worlds,’’ she said.

Managing director (southern region) Lee Han Ming, meanwhile, said the presence of Chinese and Singaporean developers in Iskandar Malaysia was also adding to the vibrancy of the market.

“We have been around since 1979 and our brandname Tropicana is synonymous with resort-themed developments in Malaysia,’’ said Lee.

He said the selling price of its high-end condominiums in Iskandar Malaysia at RM1,100 per square foot would be the main attraction for foreign buyers, as the figure was much lower compared to Singapore.

“In Singapore’s Orchard Road, the selling price is between S$3,000 (RM7,843) and $4,000 per sq ft, while high-end apartments in downtown Jakarta are about RM3,000 per sq ft,’’ he pointed out.

TCB’s projects in Iskandar Malaysia include Tropicana Danga Bay, a mixed integrated development on 14.97ha with a total gross development value (GDV) of RM8.3bil.

It comprises a retail mall, office towers, luxury residential properties and small offices-versatile offices (SoVo).

Tropicana Danga Cove, meanwhile, is a mixed integrated development on 91.86ha with a total estimated GDV of RM12bil. It comprises retail outlets, office towers, a convention centre and residential properties.

Its other project Topicana City Centre is a mixed integrated development on 8.90ha with a total GDV of RM3.6bil.