New Straits Times Online, 16 April 2014 - Tropicana sees 80pc take-up for Paloma's Tower B

New Straits Times Online, 16 April 2014

SUBANG JAYA: Tropicana Corp Bhd is confident of achieving an 80 per cent take-up target for its newly-launched Tower B of Paloma Serviced Residences at its Tropicana Metropark in Subang Jaya.

“We are targeting 70 to 80 per cent (take-ups) for Tower B because of its location and lifestyle, as well as the success of the Pandora (Serviced Residences),” said group chief executive officer Datuk Yau Kok Seng at the launch of the construction of a RM106 million flyover from Federal Highway to Tropicana Metropark.

The Pandora Serviced Residences, which was launched last year, is the first phase of the Tropicana Metropark mixed development and has seen a take-up rate of 90 per cent for its 627 units.

“These days, people buy beyond a property, they buy the environment. What we offer at Palamo and Tropicana Metropark is convenience, especially with the completion of the flyover, which will offer greater connectivity and a green, peaceful environment,” he added.

The group has contracted Pembinaan Jemerlang Sdn Bhd to build the four-kilometre flyover based on the latter’s track record that includes building Hillview Interchange and Jalan Duta flyover and its competitive pricing of RM106 million.

Construction of the flyover, which will have four ramps, is slated to begin in the second quarter of the year and expected to be completed in second quarter of 2016. Payment for the flyover will be on a 50:50 basis with internally-generated funds and borrowing from Malayan Banking Bhd, said Yau.

Tropicana Metropark is a 35ha mixed development on feeehold land with an estimated gross development value (GDV) of RM6.3 billion.

“As of April, we have some RM80 billion in GDV... Tropicana Metropark’s GDV respresents some seven per cent of that,” said Tropicana Corp’s managing director, Edmund Kong. “We have high expectations on this development, given its location in Subang Jaya and the incoming flyover,” he added.

Paloma comprises two residential towers that offer 587 studios and two- and three-bedroom units, as well as 20 low-rise villas.