The Edge - 28 November 2019 - Tropicana eyes RM3b GDV in 2020 despite weak property conditions.

28 November 2019

Despite the muted growth experienced by the property market and conscious consumer sentiment, the property developer is already targeting new launches amounting to a GDV of RM3 billion in FY20.

The group saw its net profit halve to RM16.8 million for the third quarter ended Sept 30, 2019 (3QFY19) from RM34.15 million a year ago, mainly due to lower revenue, as well as fixed general and administrative expenses recorded in the current quarter.

This brought a lower earnings per share of 1.18 sen for 3QFY19 compared with 2.34 sen for 3QFY18.

Revenue for the quarter also came in 19.9% lower at RM246.13 million from RM307.11 million a year ago, on lower progress billings across some of the group's key existing on-going projects and lower sales due to weak real estate conditions.

The weak quarterly performance dragged the group's net profit for the cumulative nine months (9MFY19) down 14.1% to RM101.88 million from RM118.55 million a year ago, while revenue fell 27.5% to RM755.35 million from RM1.04 billion in 9MFY18.

In a bourse filing today, Tropicana said while the overall prospects for the industry continue to remain challenging in the short term, it believes that there will still be demand for properties in prime locations with attractive pricing.

It added that it remains well-positioned to deliver sustainable earnings performance for the rest of the year, anchored on 14 on-going projects located in the Klang Valley and southern regions of Peninsular Malaysia.

Tropicana will be opening its second hotel and the first 199-room Courtyard by Marriott in Penang in FY20 to further strengthen its investment property portfolio and boost its recurring income stream," it said.

Tropicana shares closed one sen or 1.09% higher at 93 sen today, with 407,000 shares traded. The stock is up 14% since hitting its low of 81 sen in October, valuing the group at RM1.36 billion.

New Straits Times - 17 October 2019 - More foreigners expected to buy high-rise units in Johor

17 October 2019

THE Johor property market could see an increase in transactions for high-rise residential units next year as foreigners will be allowed to buy properties worth RM600.000 and above in urban areas.

Experts said the government's move to reduce the pricing threshold, from RM1 million will open the floodgates for foreign buyers, especially those from Singapore.

A property worth RM600.000 would cost only S$197,000. This is considered cheap when compared with neighbouring countries, they said.

"There are Singaporeans who are finding it too costly to live in their own country. They may consider relocating to Johor. We think the more popular choice would be Danga Bay since it is a prime area and a mere 10-minute drive from the Johor-Singapore Causeway," said a property market consultant.

An ongoing project in Danga Bay which could benefit from this move is Tropicana Corp Bhd's Tropicana Danga Bay mixed-integrated development.This RM8.5 billion project spans 14.9ha. Phase 1, called Tropez Serviced Residences, offers apartments ranging from 463 sq ft to 1,798 sq ft.

"Singaporeans are keen to buy houses in Johor, but they are not willing to spend more than S$300,000. Most of them are renting in Johor. Tropez is their preferred choice because it is centrally located," said the market consultant.

Finance Minister Lim Guan Eng said last Friday the lower threshold price of RM600.000 for foreigners was expected to reduce the overhang of condominiums and apartments totalling about RM8.3 billion.

The total residential overhang was valued at RM4 billion at the end of 2014 and this snowballed to RM29.7 billion by the end of last year, according to the National Property Information Centre [Napic].

Condominiums and apartments accounted for 43 per cent of the overhang.

Bank Negara Malaysia and property players have warned about a housing glut in cities such as Johor Baru.

Certain quarters, including the Real Estate a Housing Developers Association (Rehda), had earlier appealed to the government to reduce the pricing threshold of properties for foreigners.

Last month, Johor's Housing, Communication and Multimedia Committee chairman Dzulkefly Ahmad said the state government was considering lowering the RM1 million threshold for foreigners in a bid to clear 51,000 unsold units in the state.

He had said houses priced from RM600.000 accounted for 70 per cent of unsold properties in Johor.

The government had also unveiled the Home Ownership Campaign (HOC) early this year as an initiative under the National Housing Policy 2.0 to deal with the property overhang and to boost the lagging housing sector.

Up to 21,000 property units worth RM13.44 billion had been sold under the HOC, surpassing Rehda's six-month target of RM3 billion.
The HOC has been extended to Dec 31.

Tropez Serviced Residence @ Tropicana Danga Bay is fully sold.
TROPICANA WEBSITE PICT

HIGHLIGHTS

RENT-TO-OWN SCHEME The government will work with financial institutions to introduce a Rent-To-Own (RTO) scheme. The RTO will assist those unable to pay 10 per cent deposit and secure the access of home purchase financing. RM10 billion financing will be provided by financial institutions with the governments support through a guarantee provision of 30 per cent or RM3 billion. This scheme is open to the first purchase of a home worth up to RM500.000.

LOWER FOREIGN BUYING THRESHOLD IN URBAN AREAS The government will lower the threshold on high-rise residential property prices in urban areas for foreign ownership from RM1 million to RM600.000 next year. The move is to reduce the supply overhang of condominiums and apartments, which amounted to RM8.3 billion as at the second quarter of this year.

HOME OWNERSHIP CAMPAIGN The Home Ownership Campaign will be extended up to Dec 31 2019. To date, about 21,000 homes worth RM 13.44 billion were successfully sold under this campaign.

FUND FOR AFFORDABLE HOUSING As at September this year, a total of 2,840 applications amounting to RM472.7 million were received. The approval rate is 77.9 per cent, with 982 total applications worth RM156.2 million approved.

YOUTH HOUSING SCHEME The government will extend a Youth Housing Scheme administered by Bank Simpanan Nasional from Jan 1 2020 to Dec 31 2021. Included in the scheme is a 10 per cent loan guarantee by the government through Cagamas to enable borrowers access to full financing while providing a RM200 monthly instalment assistance for the first two years, limited to 10,000 home units.

ADDRESSING REAL PROPERTY GAIN TAX The government will revise the base year for asset acquisition to Jan 1 2013 from the previous base year of Jan 1 2000. Previously, the RPGT valuation on property purchased before the year Jan 1 2000 was calculated from Jan 1 2000 onwards. Under the new ruling, properties bought before Jan 1 2013 would be evaluated from Jan 1 2013.

"However, the property overhang is attributed to various factors such as mismatch of products and location rather than pricing alone."
SARKUNAN SUBRAMANIAM Knight Frank Malaysia managing director

ADDRESSING THE GLUT

Knight Frank Malaysia said there is a shift in focus in the 2020 Budget from house buyers to developers in addressing the residential property overhang.

Generally. Malaysia has a higherdistribution of unsold, completed high-rise residential properties above RM600.000 at 53 per cent compared with those below RM600.000 (47 per cent), said managing director Sarkunan Subramaniam.

"It may be an immediate remedy for the overhang situation. However, there are no rules that foreigners must buy from developers, like in Australia. Such rules could be implemented to avoid creating stiff competition in the secondary property market.

"However, the property overhang is attributed to various factors such as mismatch of products and location rather than pricing alone. Some units remain unsold due to their less favourable locations."

PropertyGuru country manager Sheldon Fernandez said the move to reduce the foreign ownership threshold from RM1 million to RM600.000 is an interim measure to address the residential overhang in the country.

However, domestic sentiment must be balanced against the short-term benefit of reducing the oversupply, as external intervention is not an ideal solution, he said.

Oriental Daily - 13 September 2019 - Tropicana Aman Welcomes SJK(C) Bukit Fraser

13 September 2019

Chairman of SJK(C) Bukit Fraser Committee, Lee Kee Hiong said the school construction needs 12 months to complete with expected enrolment begins in early 2021, however they need to monitor in next year March to check if the construction achieve 60%. By then only will inform Ministry of Education (MOE) for relocation preparation.

She said SJK(C) Bukit Fraser has 81 years of history since it established in 1938. Due to the decreased in population, MOE announced the school to relocate to Kuala Langat in 2016. The last student Chen Qixian attended the school alone for four years and graduated in last year.

“Relocate to Tropicana Aman at Tanjung Dua Belas district of Kuala Langat that spanned across 5 acres, the housing development increase in recent years. The area has a population of 20,000, it is expected to reach 50,000 in two years and local demand for schools will gradually increase too.”

The first construction phase of SJK(C) Bukit Fraser includes 24 classrooms, library, computer rooms, science laboratory, art rooms and canteen.

She said the construction cost is about RM 6.9mil, developer Tropicana Aman Co., Ltd. will be contributing RM 4mil in assisting SRJK(C) Bukit Fraser to complete the relocation.

Education Minister Dr. Maslee Malik and Deputy Education Minister Teo Nie Ching conducted the groundbreaking ceremony for constructions of SRJK(C) Bukit Fraser.

Among those who attended are Deputy Minister of Education, Teo Nie Ching, DAP State Assemblyman, Ng Sze Han, PKR Kuala Langat Division Chief, Dr. Xaview Jayakumar, Chairman of SJK(C) Bukit Fraser Committee, Lee Kee Hiong and SJK(C) Bukit Fraser former Chairman, Wong Suk Hwa.

“SJK(C) Bukit Fraser’s former land belongs to government and will return to them.”

“According to new school policy, the school need to inform MOE upon 60% completion as MOE will send caretaker such as headmaster from neighboring school to take care of enrolment that includes communication with MOE regarding teachers, documents, etc.”

Expected to complete in 2021

DAP State Assemblyman, Ng Sze Han stated that SJK(C) Bukit Fraser already received approvals from respective departments on the construction and is expected to complete in 2021 with enrolment coming from area includes Kota Kemuning and surrounding township.

“ The only Chinese school in Tropicana Aman is SJK(C) Kota Kemuning. With more than 2,000 households moving into that area and together with two upcoming major developments, the population is expected to increase. Thus, there’s high demand for schools.”

He added, the enrolment for SJK(C) Bukit Fraser that relocated to Kuala Langat will not only coming from Tropicana Aman and surrounding township, but also Kota Kemuning, Saujana Putra and etc.

Nanyang Siang Pau - 9 September 2019 - Paramount & Tropicana shareholders

9 September 2019

Eastern & Oriental’s (E&O) additional shares proposal passed successfully. Majority shareholders agreed on subscription, for those who do not accept did not prevent it either as they had been considered carefully to subscribe additional shares.

Paramount dividend at 30 cent

One of the property developers in this week is the major shareholder of E&O, Paramount Corp. Bhd. Paramount agreed on the subscription rights on E&O, on the other hand it is actively sold off its investment in education.

The group had sold off three of KDU schools at RM 38.5mil, three of the secondary schools at Penang Selangor at RM 420mil that include RM 294mil in cash and preferred shares of special purpose companies. Upon completion of the disposal, it will greatly improve the company financial condition.

In this week, Paramount Property will also have another major sold off. This plan includes disposal of education investment in K-12 education and REAL Education Group Sdn Bhd at RM 540mil in cash. Following the completion of the disposal, Paramount will only hold 20%-30% of shares.

Paramount is slowly monetizing its assets in the education business and entrenching itself in the property sector, in line with its strategic plan of becoming a pure-play property group.

The disposal activity that includes using 32.7% of the proceeds or RM 177mil – the largest portion of its intended utilization – as a special cash dividend gave a huge surprise to all shareholders in this quiet market.

After completing this disposal, the company's debt ratio also fell from 0.89 times to 0.53 times, which can cope with the impact of the future recession.

Tropicana Corp. Bhd. minor shareholder

On the same day, Tropicana Corp. Bhd. (TROP) will call for shareholders meeting to propose the disposal of Tropicana Sanctuary’s 50.1% at RM 49mil. On the other hand, they also suggested acquiring more properties totaling RM 537mil to resolve debts issue with other major shareholders.

As the disposal involve major shareholder Tan Sri Danny Tan Chee Sing, thus it is belongs to related party transactions.

Overall, this major shareholder’s land disposal and loan restructuring will gain more than RM 1bil cash and preferred shares. While the minor shareholders yet to receive any penny, but they saw a sharp fall in equity.

In the economically grim moment, majority are issued on preferred shares, thus it’s a matter of opinion if it’s necessary for Tropicana Corp. Bhd. to increase its land.

Regardless of cash or preferred shares, it certainly helps the major shareholder to realize the disposal of huge land and it helps him to increase his Tropicana Crop Bhd’s equity. As major shareholder determine to attain it despite minor shareholders are greatly unsatisfied with it.

Both are property developers, one is cash out RM 1bil while the other is pull out RM 1bil, tactics are greatly different!

New Straits Times - 6 September 2019 - Tropicana post higher revenue in Q2

6 September 2019

Tropicana Corporation Berhad ("Tropicana" or "the Group") today announced its unaudited financial results for the second quarter ending June 30 2019 ("Q2 2019").

For the second quarter under review, Tropicana recorded a 6.4 per cent increase in revenue to RM299.5 million compared with RM281.4 million registered in the corresponding quarter last year, underpinned by higher progress billings across some of the Group's key on-going projects. However, Tropicana recorded a lower PBTof RM56.6 million mainly attributable to the recognition of a one-off fair value gain of RM30.2 million on one of the Group's investment properties in the preceding year.

Meanwhile, the Group's net wm ) profit rose 2.7 per cent from the corresponding quarter in FY2018 to RM39.0 million. Tropicana's earnings per share also increased from 2.60 sen in Q2 of 2018 to 2.72 sen in Q2 of 2019.

For the first six months of FY2019, Tropicana recorded a revenue of RM509.2 million and PBT of RM77.6 million while its net profit increased 0.8 per cent to RM85.1 million compared to the RM84.4 million registered in the corresponding period last year.

Moving forward, the Group remains well positioned to deliver sustainable earnings performance with unbilled sales standing at . healthy level of RM830.6 million, anchored by 14 on-going projects and strategic approaches to unlock the value of over 428ha 1,071 acres of prime landbank located at strategic locations across the Klang Valley, Genting and Southern regions with potential GDV of RM48.6 billion.

Against a backdrop of cautious global and local economic outlook, the Group believes that there will still be demand for landed properties and integrated developments in prime locations with good accessibility, wide range of amenities and attractive pricing.

In this regard, Tropicana will continue to focus on its market-driven strategy for 2H FY2019, rolling out a series of new projects amounting to a GDV of approximately RM3 billion within its existing and new signature townships which are expected to drive stronger performance and bring the Group to its next phase of growth. These existing and new signature townships include the latest residential phase Elemen Residences at Tropicana Aman, Kota Kemuning which is the first phase of lakeside homes within the masterplan.
Meanwhile in Subang Jaya, the Group will be launching its first commercial phase at Tropicana Metropark, comprising retail lots and serviced apartments.

Riding on this momentum, plans have also been established to launch the final phase of Tropicana Gardens, Edelweiss SOFOs and serviced residences at Tropicana Indah. Demonstrating its disciplined approach in fulfilling consumer demands, another key project that is expected to launch in the 2H FY2019 is Tropicana Miyu, low-density condominiums strategically located at Jalan Harapan, Petaling Jaya. The Group will also be launching its maiden development in Genting soon with the introduction of the first phase of Tropicana Grandhill, Genting. All of these are expected to contribute positively to the Group's earnings in the coming years.

China Press - 2 September 2019 - Tropicana Corp net profit RM39 million in 2Q

2 September 2019

Kuala Lumpur, 1 September 2019 – Due to the higher progress billings across some of its key existing ongoing projects, Tropicana Corp. Bhd.’s (TROP, 5401, main market, property) net profit went up 2.7% to RM 39.02mil for the second quarter ended June 30, 2019, whereas quarterly revenue grew 6.4% to RM 299.45mil. Earning per share increase 0.12 cent to 2.72 cent.

Despite the cumulative revenue for the first half of its financial year fell 35% to RM 509.22mil, the group’s net profit rose 0.8% to RM 85.10mil.

Looking ahead, the group said it is well positioned to deliver sustainable earnings, pointing out that its unbilled sales stood at RM 830.6mil as at the end of June, across 14 ongoing projects. The group has over 1,071 acres of prime landbank located in strategic locations across the Klang Valley, Genting and the southern regions with GDV totalling RM 48.6bil.

Nanyang Siang Pau - 24 August 2019 - Tropicana Corp earn RM 39.02 million in 2Q net profit

24 August 2019

Kuala Lumpur, 23 August 2019 - Tropicana Corp Bhd’s (TROP, 5401, main market, property) net profit went up 2.69% to RM 39.02mil for the second quarter ended June 30, 2019.

In a filing with Bursa Malaysia, the group’s net profit was at RM 38mil a year ago.

At the month end of June, quarterly revenue grew 6.41% to RM 299.45mil from RM 281.43mil previously.

“The growth in revenue is mainly due to the higher progress billings across some of its key existing ongoing projects.”

For the first half of its financial year, the group’s net profit rose 0.81% to RM 84.40mil while cumulative revenue fell 30.66% to RM 509.22mil.

“Profit before tax fell 48.4% to RM 77.61mil, mainly due to the increase profit in the development projects.”

Bigger challenge in property industry

Despite the challenging global and domestic environment, Tropicana said there will still be demand for landed properties and integrated developments in prime locations with good accessibility, wider range of amenities and attractive pricing.

“The group will continue to focus on release prime landbank located in strategic locations across Klang Valley, Genting and the southern regions.”

The Edge Financial Daily - 23 August 2019 - Tropicana Corporation Berhad net profit increase 3% in Q2

Tropicana Corp Bhd's net profit rose 3% to RM39.02 million for the second quarter ended June 30,2019 (2QFY19), from RM38 million a year ago. Revenue grew 6% to RM299.45 million from RM281.43 million previously.

The group attributed the revenue growth to higher progress billings across some of its key ongoing projects.

It recorded a one-off fair value gain of RM30.2 million in the preceding year, which had partly offset the growth of its bottom line.

For the first half of FY19 (2HFY19), net profit rose slightly to RM85.09 million from RM84.4 million, while cumulative revenue fell 31% to RM509.22 million from RM734.43 million.
Looking ahead, the group said it is well positioned to deliver sustainable earnings, pointing out that its unbilled sales stood at RM830.6 million as at the end of June, across 14 ongoing projects.

Moreover, the group has over 1,071 acres (433.4ha) of prime land located at strategic locations in the Klang Valley, Genting and the southern regions of the peninsula with a total gross development value (GDV) of RM48.6 billion.

Despite the challenging global and domestic environment, Tropicana said there will still be demand for landed properties and integrated developments in prime locations with good accessibility, wider range of amenities and attractive pricing.

"In this regard, Tropicana will continue to focus on its market-driven strategy for 2HFY19, rolling out a series of new projects amounting to a GDV of approximately RM3 billion within its existing and new signature townships which are expected to drive stronger performance and bring the group to its next phase of growth," it said..

Sin Chew Daily - 23 August 2019 - Tropicana Corporation earn RM39.02 million in Q2 ; Unrecorded sales in 1H amounted

23 August 2019

The Edge - 5 August 2019 - Gearing up for the challenge

5 August 2019

Veterans Team Tropicana Corp Bhd are all geared up for the Rat Race this year, and whatever challenges it may bring.

For the team, it will be a test of not just physical fitness but also mental strength, with each part of the run having its own challenges. Nevertheless, this is not going to deter the runners as they are preparing for the challenge with a good diet, as well as intensive training and preparation.

The team is training together to familiarise themselves with the route prior to race day.

Tropicana has been an active supporter of The Edge KL Rat Race since 2004, and the run has become an annual affair for the group — one that its employees look forward to participating every year.

Taking part in the race encourages a sense of camaraderie and group effort and is also an opportunity to have fun,get healthy and boost morale, says a spokesman.

They are looking forward to meeting some familiar faces from other corporations on the day. At the same time, the team members will also take the opportunity for a team-building and bonding session with their colleagues. At the end of the day, the spirit of teamwork is what Team Tropicana hope to see as members look out and help each other reach the finish line.

On another note, Tropicana Corp says the race provides the group with a platform to demonstrate its commitment to give back to the community and is happy to see many corporations getting together for the same purpose — contributing to the betterment of society in a sustainable and impactful manner.

“At Tropicana, sustainable business practices have been continually embedded across our organisation as we recognise that it does not only strengthen business performance but also unlocks long-term value for our stakeholders and the communities around us,” it says in a statement.

“From designing quality homes that reflect the changing lifestyles of homeowners to building talent within the group, we understand the importance of future-proofing our business and making a positive difference in the lives of those we come in contact with.” the group says.

Oriental Daily - 21 July 2019 - Berjaya Corporation, Top Glove and Tropicana jointly provides TVET training program

21 July 2019

Berjaya Corp. Bhd (BJCORP, 3395, main market, industrial products), Top Glove Corp. Bhd. (TOPGLOV, 7113, main market, healthcare) and Tropicana Corp. Bhd. (TROP, 5401, main market, property) inked a certificate of collaboration (CoC) with the Ministry of Education to upgrade technical and vocational education and training (TVET).

The collaboration would emphasize the provision of training, facilities, workshops, career opportunities and networks for TVET students. Apart from three of the above-mentioned corporates, another participating corporate in this contract is Naza Group.

Education Ministry Deputy Secretary-General for Strategic Planning Datuk Kamel Mohamad stated that in 2017, there’s one in every five graduates who is still unemployed after 6 months graduated.

Datuk Kamel Mohamad added, nevertheless according to Jobstreet in 2018, there’s 30% of corporates undergone business expansion and in need of more employees. “TVET is important in alleviating the mismatch in supply and demand of skills and expections.”

Meanwhile, Top Glove Corp. Bhd. manufacturing and operations advisor Datuk Dr Andy Seo said TVET able to improve and alleviate to match the requirements of Industrial Revolution 4.0 (IR4.0). “Especially in the field of robotic and automatic industry, it will need large amount of high-skill workers to expand the industry.”

Top Glove Corp. Bhd. aiming to be the top 500 corporates by 2040 and in order to achieve this vision the group will expand the business and increase employment that is expected to hire 30 times more than current headcounts. Up to date, the group has 18,000 employees.

Sin Chew Daily - 18 July 2019 - Maszlee :Increase level of technical and vocational education ; MOE enhances cooperation with private enterprises

18 July 2019

Education Ministry to strengthen collaboration with private sectors

Kuala Lumpur, 17 July 2019 - Minister of Education, Dr. Maszlee Malik said technical and vocational education and training (TVET) is the key to drive the country’s development, however only 5.6% of students, which is around 22,000, enrolled in TVET programs in 2018. Hence, the ministry is committed to increase the quality of the courses so that it becomes the primary choice for students.

He said, the Ministry of Education will sign certificate of collaboration (CoC) with Berjaya Corp. Bhd., Top Glove Corp. Bhd., Tropicana Corp. Bhd. and Naza Group to upgrade TVET. Other than that, four oil and gas companies from Johor and Perak as well as several financial and banking institutions have express interest to collaborate with the Ministry of Education.

He added, in 2017 there was one among five graduates who were unemployed after six months graduated while according to Jobstreet’s research in 2018, 30% of the corporates were in expansion plan. This had clearly shown there’s mismatch in supply and demand of skills, as well as graduates skills and employability.

“TVET has to be industry-oriented, similar with what I’ve seen during my last visit to China. The private sectors play major role to upgrade and nurture highly-skilled students.”

Provides more job opportunities for students

“The four firms that we are collaborating with have more than 35,000 employees with income more than RM 14bil. The collaboration would upgrade the education to a higher level and emphasize the provision of training, facilities, workshops, career opportunities and networks for TVET students.”

He added, the ministry would also establish TVET Committee to properly strategize and improve overall education ecosystem of the country. Through many discussion and meetings, mutual understandings will be achieved to establish more of groundbreaking partnerships.

He also said TVET is important in alleviating the mismatch in supply and demand of skills, future-proofing of students towards the Industrial Revolution 4.0 (IR4.0). This include collaborate with Malaysia Digital Economy Corporation (MDEC) and ME. REKA Makerspace to provide learning experience that compatible with IR 4.0, as well as introduced online safety course in three art universities.

Dr. Mazlee Malik attended the contract-signing ceremony with four firms and Education Ministry Deputy Secretary-General for Strategy Planning Datuk Kamel Mohamad read his speech text.

Department of Polytechnic and Community College acting director-general Dr Mohammad Naim Yaakub said the TVET Committee that lead by Dr. Mszlee Malik will submit its research proposal to the board by end of this month.

Among those who attended were Top Glove Corp. Bhd. Manufacturing and Operations Adviser Datuk Dr. Andy Seo, Tropicana Corp. Bhd. Marketing and Sales Managing Director Ung Lay Ting, Berjaya Corp. Bhd. Chief Executive Officer Datuk Seri Robin Tan Yeong Ching and Naza Group Chief Strategy Officer Azrul Reza Aziz.

The Edge Financial Daily - 19 July 2019 - Tropicana Corporation Bhd

19 July 2019

Despite global and regional headwinds, we are very positive about the outlook of Malaysia's property sector. We believe we are moving in the right direction as we gear towards a more buoyant property market in the second half of 2019 and beyond, given the clear signs that property prices at strategic locations have remained stable, innovative market offerings are being introduced while more transparent policies to encourage homeownership have been initiated.

Furthermore, given the current market environment and consumer spending habits, we believe that there will always be demand for attractively priced properties in prime locations with accessibility to good amenities.

We anticipate the growth of more diverse, quality architectural designs in line with changing lifestyle needs and aspirations of communities of the future. This would mean more mixed-used developments, neo-traditional designs and neighbourhoods which integrate homes, commercial centres and are close to amenities and services.

We also see the younger generation favouring value-added properties such as lifestyle properties equipped with great facilities, amenities, security, accessibility and connectivity.
Against this backdrop, we will capitalise on our strong pipeline of projects and strategically-located townships, including two residential phases at Tropicana Aman, Kota Kemuning; a mixed development comprising retail lots and serviced apartments at Tropicana Metropark, Subang Jaya; a new phase of serviced apartments and SoFos at Tropicana Gardens, Tropicana Indah; Phase 2 of Ayera Residences, Danga Cove in Iskandar Malaysia; as well as condominiums at Jalan Harapan, Petaling Jaya. We will also be launching our maiden development in Genting in the fourth quarter of 2019.

It is important that consumers have access to the right information in order to make informed choices when buying a home. First-time home-buyers should always consider their financial position so they do not end up being overly burdened for the next few decades.

We expect property prices at strategic locations to remain stable, backed by the introduction of more innovative deals to consumers. The government has also introduced a wide array of initiatives to invigorate the property market such as the exemptions of stamp duty and a wide range of benefits for first-time homebuyers. Banks are also expected to relax their lending guidelines.

Participating projects

Tropicana Metropark, Subang Jaya The 88-acre freehold mixed integrated development with a direct link from the Federal Highway consists of high-rise residences priced from as low as RM508,000, commercial phases, a nine-acre central park and the GEMS International School.

Tropicana Gardens, Kota Damansara Tropicana Gardens is a transit-oriented mixed integrated development a stone's throw away from the Surian MRT Station. It consists of residential towers, an office tower and a one million sq ft shopping mall. The residential units are priced from RM650,000.

Tropicana Heights, Kajang The 199-acre freehold township in Kajang offers landed homes, a two-acre recreational hub, a market square and a 16-acre central park. Park villas, Link villas and semidees in the township are going for RM856,000, RM1.06 million and RM2.1 million, respectively.

Tropicana Aman, Kota Kemuning The 863-acre Tropicana Aman is an integrated township development inclusive of an 85-acre central park, a five-acre recreational hub, the Tenby International School and residential as well as commercial phases.

Buyers can choose from the apartments that are priced from RM440,000, or the landed homes that are selling from RM1.4 million. Meanwhile, the shoplot prices start from RM1.6 million.

Offers during VPEX Tropicana will be offering home financing perks for buyers which include 0% downpayment and 0% interest plans, free legal fees for sale and purchase agreement (SPA) and loan documents, and stamp duty exemption on the memorandum of transfer and loan agreement..

The Sarawak Borneo - 18 July 2019 - 4 firms tie up with education ministry to upgrade TVET

18 July 2019

The four collaborating companies are Berjaya Corporation Bhd, Tropicana Corporation Bhd, Naza Group and Top Glove Corporation Bhd.

The collaboration would emphasise the provision of training, facilities, workshops, career opportunities and networks for TVET students. Berjaya Corp chief executive officer Datuk Seri Tan Yeong Ching said the group views the collaboration as a smart partnership that would provide a platform to the students of various institutions to obtain real work experience and career opportunities.

"Expanding smart partnerships such as through this collaboration should help to ensure the sharing of industry knowledge and practices, facilities and technology, with the intention to upscale and innovate technical and vocational students," he said in his welcoming remarks at the CoC signing ceremony here yesterday.

Meanwhile, Minister of Education, Dr Maszlee Malik said TVET is important in alleviating the mismatch in supply and demand of skills, future-proofing of students towards the Industrial Revolution 4.0 (IR4.0) and increasing graduate employability.

"However, greater national efforts are needed to increase TVET enrolment and accelerate the upskilling of local talent, which calls for stronger collaborations and partnerships with industry leaders. This CoC represents a large step that the public and private sectors are undertaking to take TVET to the next level.

The ministry is committed to establishing many more groundbreaking partnerships, not just for TVET, but also to improve the overall education ecosystem of the country," he said in his opening address.

Maszlee said he is also in talks with key companies across all economic sectors, noting that four oil and gas companies from Johor and Perak as well as several financial and banking institutions have committed to working with the ministry,

Nanyang Siang Pau - 18 May 2019 - 2.78 sen dividend; Tropicana Corporation Berhad earn RM46.06 million in 1Q

18 May 2019

Kuala Lumpur, 17 May 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) recorded marginally lower net profit of 0.7% at RM 46.06mil for the first quarter ended March 31, 2019, with earnings per share stood at 3.21 sen and declared its first interim dividend of 2.78 sen per share.

Tropicana Corp. Bhd. said in a filing with Bursa Malaysia, the group’s revenue recorded at RM 209.96mil that fell by 75% as compared to RM 85.4mil of profit before tax (PBT) recorded in the corresponding quarter last year, attributable to lower sales recorded in FY18.

Nevertheless, the disposal of leasehold land in Bandar Damansara contributed RM 37.2mil to profit before tax and RM 42.2mil to revenue.

Meanwhile, revenue for the quarter declined 53.7% to RM 209.77mil.

As at March 31, 2019, the group delivered total unbilled sales of RM 736.9mil that anchored by 14 ongoing projects and existing landbank of 1,071 acres with total potential gross development value (GDV) of RM 48.6bil.

Despite the challenging outlook of the property industry, the group believes that there will still be demand for properties in prime locations with attractive pricing.

Moving forward, the group has planned many future projects amounting to a GDV of approximately RM 3bil, which includes Tropicana Aman, Tropicana Metropark, Tropicana Gardens and Danga Cove in Iskandar Malaysia. The group will also launch its maiden development in Genting in the fourth quarter of 2019.

Oriental Daily - 17 May 2019 - Tropicana Corporation Berhad launch RM300 million new project

17 May 2019

Kuala Lumpur, 16 May 2019 – Tropicana Corp. Bhd.’s (TROP, 5401, main market, property) net profit was marginally lower by 0.73% to RM 46.06mil (as at first quarter ended March 31, 2019), whereas revenue for the quarter declined 53.69% to RM 209.77mil.

Meanwhile, the group declared its first interim dividend of 2.78 sen per share. Currently, Tropicana delivered total unbilled sales of RM 736.9mil and plan to develop future projects amounting to GDV of approximately RM 3bil.

Sin Chew Daily - 17 May 2019 - Land sales improved; Tropicana earned RM46.06m in Q1

17 May 2019

Kuala Lumpur, 17 May 2019 – Despite the business turnover dropped another half, Tropicana Corp. Bhd. (TROP, 5401, main market, property) recorded marginally lower net profit of 0.7% at RM 46.06mil for the first quarter ended March 31, 2019 that contributed by the land disposal.

Tropicana Corp. Bhd. said in a filing with Bursa Malaysia, revenue for the quarter declined 53.69% to RM 209.77mil. Nevertheless, the disposal of leasehold land in Bandar Damansara contributed RM 37.2mil to profit before tax and RM 42.2mil to revenue.

Despite the challenging outlook of the property industry, the group believes that there will still be demand for properties in prime locations such as Klang Valley, Genting and Johor with attractive pricing.

The group has planned many future projects amounting to a gross development value (GDV) of approximately RM 3bil.

The Star - 17 May 2019 - Tropicana Q1 earnings

17 May 2019

The Edge Financial Daily - 17 May 2019 - Tropicana 1Q profit flat despite lower revenue

17 May 2019

Lower sales dragged Tropicana Corp Bhd's first-quarter (1Q) revenue down by 53.7% to RM209.77 million from RM453 million a year ago.

In a statement yesterday, the property developer said despite this, its net profit for the quarter ended March 31,2019 slipped just 0.73% to RM46.06 million from RM46.4 million previously.

"The completion of two development phases at Tropicana Aman in 2018 resulted in higher profit recognition in the said quarter," it said.

This decrease in revenue, it added, is mainly due to lower sales in the group's 2018 financial year which had a carry-through effect on the results for the current year.
As at March 31,2019, Tropicana had total unbilled sales of RM736.9 million and an existing land bank of 1,071 acres (433.42ha) with a total potential gross development value (GDV) of RM48.6 billion.

"Despite the challenging outlook of the property industry due to global and regional economic headwinds, the group believes that there will still be demand for properties in prime locations with attractive pricing.

"The group will still be market-driven and unlock value from its existing land bank at strategic locations in the Klang Valley, Genting and southern regions," the group said. Tropicana said its future projects' GDV is about RM3 billion. Tropicana shares declined one sen or 1.16% to 85.5 sen yesterday, with a market capitalisation of RM 1.26 billion..

The Sun - 17 May 2019 - Tropicana posts RM46m profit in Q1

17 May 2019

Tropicana Corp Bhd's net profit was at RM46.06 million for the first quarter ended March 31, 2019 compared with RM46.4 million in the same quarter a year ago.

Revenue for the quarter declined 53.7% to RM209.77 million from RM453.01 million, attributable to lower sales recorded in FY18 that had a carry-through effect on the results for FY19 as well as the completion of two development phases at Tropicana Aman in 2018.

Nevertheless, these were partly offset by the completion of the disposal of a piece of leasehold land in Bandar Damansara which contributed RM42.2 million to revenue and RM37.2 million to profit before tax.

The property developer has declared an interim dividend of 2.78 sen per share.

As at March 31, 2019, Tropicana delivered total unbilled sales of RM736.9 million, anchored by 14 ongoing projects and an existing landbank of 1,071 acres with a total potential gross development value (GDV) of RM48.6 billion.

Despite the challenging outlook of the property industry due to global and regional economic headwinds, the group believes that there will still be demand for properties in prime locations with attractive pricing.

"Moving forward, the group has in place a strong pipeline of future projects amounting to a GDV of approximately RM3.0 billion within its existing and new signature townships are expected to drive stronger performance.".

The Edge Financial Daily - 26 April 2019- Tropicana to develop four projects in Langkawi Johor with RM4.78b GDV

26 April 2019

Tropicana Corp Bhd has inked four joint development agreements (JDAs) to develop four pieces of land in Langkawi, Kedah and Pekan Nenas, Johor with an estimated total gross development value (GDV) of RM4.78 billion.
Under the JDAs with the four landowners, which Tropicana announced in a stock exchange filing on Wednesday, Tropicana will develop the lands at its own costs.
The landowners will each receive 12% of the respective developments' GDV. The JDA also underlined a minimum GDV entitlement for each landowner for each project.
The first JDA with Pantai Kok Resort Development Sdn Bhd is to develop 44.61 acres (18.05ha) at Padang Mat Sirat, Langkawi over 15 years, with an estimated GDV of RM3.02 billion. The second JDA with Sinaran Ramah Sdn Bhd is to develop 2.48 acres in Mukim Kedawang, Langkawi over seven years, with an estimated GDV of RM308.3 million.
The third JDA with Suci Padu Sdn Bhd is to develop 1,143.8 acres in Pekan Nenas Land 1 in Pontian, Johor, and the fourth with Ibarat Indah Sdn Bhd is to develop 45 acres in Pekan Nenas Land 2. Both projects ?for a logistics and transportation industrial hub梬ill have an estimated total GDV of RM 1.45 billion, and will be developed over seven years.
The commencement date for all four projects will be within two years from fulfilment of all conditions precedent in the JDAs.
Concurrently, Tropicana revealed that its memorandum of understanding to develop a piece of land in Pantai Cenang, Langkawi has lapsed.

Sin Chew Daily - 25 April 2019 - Tropicana corporation berhad jointly operate to develop basement and industry develop value total is RM4.78 bilion

25 April 2019

Kuala Lumpur, 24 April 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) has inked four joint development agreements (JDAs) to develop four pieces of land with total development value of projects from RM 15.7mil to RM 362.2mil.

According to the group’s statement, the four landowners include Pantai Kok (PK) Resort Development Sdn. Bhd., Sinaran Ramah (SR) Sdn. Bhd., Suci Padu (SP) Sdn. Bhd. and Ibarat Indah (II) Sdn. Bhd. The lands are mainly at Pulau Langkawi and Pekan Nenas in Johor.

The management revealed that the group does not own any lands in Pulau Langkawi and Pekan Nenas in Johor. Thus, the collaborations with the first the developers will provide an opportunity for Tropicana to expand its presence in respective area. The total gross development value (GDV) for the above-mentioned projects is RM 4.78bil, whereas the cost is estimated at RM 3.9bil.

See Hua Daily - 25 April 2019 - Four of Tropicana Corporation Berhad commercial projects have gross development value of RM4.7 billion

25 April 2019

Kuala Lumpur, 24 April 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) proposed to co-joint and develop four pieces of land with an estimated total gross development value (GDV) of RM 4.78bil.

Tropicana Corp. Bhd. and the four landowners that include Pantai Kok Resort Development Sdn. Bhd., Sinaran Ramah Sdn. Bhd., Suci Padu Sdn. Bhd. and Ibarat Indah Sdn. Bhd. entered into joint-development agreements (JDAs) for proposed collaboration.

The landowners will be entitled to 12% of the respective development’s actual GDV, which is estimated RM 813.5mil.

Nevertheless, the group required paying a sum equivalent to 1% of the minimum GDV entitlement that is RM 8.13mil for each landowner for each project.

The management revealed that collaborations with the first two developers will provide an opportunity for Tropicana to expand its presence in Langkawi.

Meanwhile, the collaboration with the latter developer enables Tropicana to develop more than 1,000 acres land in Pekan Nenas.

Tropicana will complete the projects via internal financing and bank loan as well.

Oriental Daily - 25 April 2019 - Tropicana Corporation Bhd joint cooperate 4 commerce project and development value RM 4.7 billion

25 April 2019

Kuala Lumpur, 24 April 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) proposed to co-joint and develop four pieces of land with an estimated total gross development value (GDV) of RM 4.78bil.

Tropicana Corp. Bhd. and the four landowners that include Pantai Kok Resort Development Sdn. Bhd., Sinaran Ramah Sdn. Bhd., Suci Padu Sdn. Bhd. and Ibarat Indah Sdn. Bhd. entered into joint-development agreements (JDAs) for proposed collaboration.

The landowners will be entitled to 12% of the respective development’s actual GDV, which is estimated RM 813.5mil.

Nevertheless, the group required paying a sum equivalent to 1% of the minimum GDV entitlement that is RM 8.13mil for each landowner for each project.

The management revealed that collaborations with the first two developers would provide an opportunity for Tropicana to expand its presence in Langkawi.

Meanwhile, the collaboration with the latter developer enables Tropicana to develop more than 1,000 acres Pekan Nenas land in Pontian, Johor.

Tropicana will complete the projects via internal financing and bank loan as well.

The Star - 25 April 2019 - Tropicana ink deals to develop four plots of land

25 April 2019

Tropicana Corp Bhd has entered into four joint-development agreements (JDAs) with Pantai Kok Resort Development Sdn Bhd, Sinaran Ramah Sdn Bhd, Suci Padu Sdn Bhd and Ibarat Indah Sdn Bhd for proposed collaborations.

The collaborations are to develop Pantai Kok land and Pulau Rebak Kechik land in Langkawi, Kedah, and Pekan Nenas Land 1 and 2 in Pontian, Johor

The landowners of the four development plots of land have agreed to appoint and grant Tropicana or its nominated subsidiary the exclusive right to undertake and carry out the development of the collaboration plots of land with common facilities, infrastructure and amenities.

Tropicana will undertake and carry out the developments on the land at its own cost and expenses. The landowners will be entitled to 12% of the actual gross development value (GDV) of the developments, subject to them receiving a minimum entitlement as set out in the respective JDAs.

A sum equivalent to 1% of the minimum GDV entitlement will be paid by the developer to the landowners upon execution of the JDAs as an upfront initial sum.

The initial sum for Pantai Kok, Sinaran Ramah, Suci Padu and Ibarat Indah are RM3.62mil, RM370,000, RM3.99mil and RM0.16mil, respectively.

The proposed Sinaran Ramah and Pantai Kok collaborations will provide an opportunity for Tropicana to expand its presence in Langkawi.

The Star - 16 March 2019 - W Kuala Lumpur make its foray

16 March 2019

Owned by Tropicana Corporation Bhd, W Kuala Lumpur is designed to embody the city's towering skyline while exuding the youthful vibe of its urbanites.

Though unorthodox and unconventional, W Kuala Lumpur remains committed to the metropolitan's heritage of cultural diversity as reflected in its structural designs.

The fruition of W Kuala Lumpur boasts a team of renowned designers comprising Skidmore, Owings & Merrill (the architecture brains of London's Canary Wharf, Dubai's Burj Khalfa and New York's The One World Trade Centre), multiple award-winning Malaysian construction supervisor Veritas Design Group, and the China Metallurgical Group Corporation as the contractor.

Operating from August 2018 with a mission to shake up the city's hotel scene, W Kuala Lumpur embraces ts Whatever, Whenever' slogan by pampering its clients with flamboyance and exuberance through an array of concierge services.

This includes the W Insider service for those who wish to explore the city's trending hotspots and popular clubs for a lavish night out or to plan organised day trips into the bustling centre.

The hotel occupies a site within the vicinity of the Petronas Twin Towers and features 18 suites across 150 units in the building. The pride of the building would be its Wow Suites and Extreme Wow Suite (520m* of space).

Indulgence for hotel guests

The eateries within W Kuala Lumpur are not limited to a 70-seater French fine dining Saint Pierre (whose Singaporean operation was awarded a Michelin star), Yen for a range of exquisite Cantonese cuisines, and Flock for Modern Australian fare.

Residents who have a preference for drinks can find themselves entertained by trained mixologists serving a range of cocktails at the B + F corner. Other impressive features are the Away Spa, Wet Deck Bar and Wicked VIP Club.

All of these will be available while the operator maintains a 24-hour security system with manual patrolling of checkpoints for maximum safety.

Stepping out, hotel guests will find shopping centres within walking distance including the Pavilion, Berjaya Times Square, Bukit Bmtang Plaza and Avenue K. The nearby Malaysian Tourist Centre is at their disposal if they need assistance with their travel plans across Malaysia.

Public transportation points are numerous in the locality and the city's main hub, Kuala Lumpur Sentral, is only an LRT ride away.

New Straits Times - 7 March 2018 - Tropicana to launch Genting project this year

7 March 2018

TROPICANA Corp Bhd will introduce its maiden residential project in Genting Highlands, Pahang, this year, it will also launch other developments and phases within the existing Tropicana township, with a combined gross development value GDV of more than RM3.2 billion, Tropicana last year acquired 5.3ha of land in Gohtong Jaya. which is the main township in Genting highlands, for RM78.3 million.

It said then that it planned to build a resort-type development comprising mainly serviced apartments on the site, which is about 3,000 ft above sea level Tropicana did not indicate other developments it might build there but the market was expecting a retirement village, food and beverage offerings and hotels, Gohtong Jaya, which is located on a plateau 5km away from the Genting resort on the peak, is the base area for the Genting Skyway cable car system.

It is also home to several shops, apartments and houses.

Since the 10-year Genting Integrated Tourism Plan was introduced in 2013, Genting Highlands and Gohtong Jaya have seen a number of new developments, such as Ion D'elemen by NCT Group of Co, Midhills by LBS Bina Group, Residences by Fututech Bhd. Windmill Upon Hills by PJ Development Holdings Bhd, and geo 38 Residence by Pesat Bumi Sdn Bhd.

II was reported that the ongoing developments are estimated to bring more than 3.000 residential units into the market.

Meanwhile, within Klang Vafley, Tropicana plans to launch a mixed development comprising retail lots and serviced apartments at Tropicana Metropark in Subang Jaya. it said in a recent statement when announcing the company's unaudited financial results forthe fourth quarter of last year.

Tropicana will also launch the second phase of shop offices. Triana, and two landed residential phases at Tropicana Aman. Kota Kemuning; the fourth landed residential phase, Lakefield Residences at Tropicana Heights, Kajang; a new phase of serviced apartments and SoHos at Tropicana Gardens, Kota Damansara; and condominiums at Jalan Harapan, Petaling Jaya.

In Johor, the company will launch landed houses. Ayera Residences, at Tropicana Danga Cove and the first landed residential phase at Tropicana Sanctuary.
"'All these new developments are expected to contribute positively to the group's earnings in the coming years," it said.

For the fourth quarter, Tropicana s revenue grew 92 per cent to RM593.9 million, thanks to the disposal completion of freehold development land in Pekan Country Height for RMU3 million.

Pre-tax profit increased 11 percent to RM131,2 million, helped by the gains from the sale of the development land totalling RM30.1 million, cost-saving initiatives and advanced progress made on many of the group's projects, Tropicana currently has a landbank of 440.6ha with a total potential GDV of billion.

Looking ahead, Tropicana said it will remain market-driven, adapting to market demands while unlocking value of its landbank in the Klang Valley, Genting and Johor..

Sin Chew Daily - 27 February 2019 - Tax expenditures increased; Tropicana earned RM51.48m in Q4

KUALA LUMPUR (Feb 26): Tropicana Corp Bhd's (TROP, 5401, main market, property) net profit fell 32.65% to RM 51.48mil in the fourth quarter ended Dec 31, 2018 (4QFY18) from RM 76.44mil a year ago.

This year group's net profit is RM 170.03mil, down by 6% compared with RM180.89mil in last year.

Quarterly revenue was 9.17% higher at RM 593.93mil, whereas yearly revenue was down 9.88% to RM1.64 bil.

In a statement today, Tropicana said the increased in Q4 revenue was due to the completion of the disposal of development lands in Pekan Country Height, Selangor for RM 143mil.

In a statement today, Tropicana said the group drew in sales of RM 154.9mil in 4QFY18 and is confident that it will continue to demonstrate further resilience moving forward, backed by RM 827.2mil in unbilled sales.

The group’s landbank stands at 1,088.8 acres, with a total potential GDV of RM 46.1bil. Looking ahead, the group will remain focused on being market driven and adapting to market demands while unlocking value of its landbank in strategic locations in the Klang Valley, Genting and southern regions of peninsular Malaysia.

Oriental Daily - 27 February 2019 - Tropicana Corporation Q4 net profit

27 February 2019

Kuala Lumpur, 26 February 2019 – Due to extra collection from Inland Revenue Board (IRB), Tropicana Crop. Bhd.’s (TROP, 5401, main market, property) net profit fell 32.7% to RM 51.48mil in the fourth quarter ended Dec 31, 2018 (4QFY18), whereas Quarterly revenue was 9.2% higher at RM 593.93mil.

The group's net profit down by 6% to close FY18 on a lower note at RM 170.03mil, while revenue was also down 9.9% to RM 1.64bil.

Sin Chew Daily - 27 February 2019 - Tropicana earned RM51.48m in Q4

27 February 2019

Higher income tax expense, Tropicana earned RM 51.48mil in Q4

KUALA LUMPUR (Feb 26): Tropicana Corp Bhd's (TROP, 5401, main market, property) net profit fell 32.65% to RM 51.48mil in the fourth quarter ended Dec 31, 2018 (4QFY18) from RM 76.44mil a year ago.

This year group's net profit is RM 170.03mil, down by 6% compared with RM180.89mil in last year.

Quarterly revenue was 9.17% higher at RM 593.93mil, whereas yearly revenue was down 9.88% to RM1.64 bil.

In a statement today, Tropicana said the increased in Q4 revenue was due to the completion of the disposal of development lands in Pekan Country Height, Selangor for RM 143mil.

In a statement today, Tropicana said the group drew in sales of RM 154.9mil in 4QFY18 and is confident that it will continue to demonstrate further resilience moving forward, backed by RM 827.2mil in unbilled sales.

The group’s land bank stands at 1,088.8 acres, with a total potential GDV of RM 46.1bil. Looking ahead, the group will remain focused on being market driven and adapting to market demands while unlocking value of its land bank in strategic locations in the Klang Valley, Genting and southern regions of peninsular Malaysia.

The Edge Financial Daily - 27 February 2019 - Tropicana 4Q net profit

27 February 2018

Tropicana Corp Bhd's net profit fell 32.7% to RM 51.48 million in the fourth quarter ended Dec 31, 2018 (4QFY18) from RM76.44 million a year ago, on higher income tax expense.
Tax expense for 4QFY18 stood at RM75.48 million versus RM37.07 million a year ago.

Quarterly revenue, however, grew 9.2% to RM593.93 million from RM544 million a year ago, following the completion of its sale of development lands in Pekan Country Height, Selangor for RM143 million.

In a statement yesterday, Tropicana said it drew sales of RM154.9 million in 4QFY18 and is confident of demonstrating further resilience moving forward, backed by RM827.2 million in unbilled sales.

Still, the weak 4QFY18 caused the group's net profit to close FY18 lower at RM170.03 million, down 6% from FY17's RM180.89 million.

Annual revenue fell 9.9% to RM1.64 billion from RM1.81 billion, mainly due to lower sales and progress billings across projects in the Klang Valley, as well as those in the southern and northern regions.

In 2019, Tropicana plans to introduce new developments and phases within the existing signature Tropicana townships amounting to a gross development value (GDV) of more than RM3.2 billion.
"The group will remain focused on being market-driven and adapting to market demands.

While unlocking value of its land bank in strategic locations in the Klang Valley, Genting (Pahang) and the southern region of Peninsular Malaysia," it added.

Tropicana will still focus on introducing new phases across its signature developments at Tropicana Heights, Tropicana Aman, Tropicana Metropark and Tropicana Danga Cove. The group will also launch the first phase of serviced apartments in Genting, spanning 112 acres (45.33ha), towards 4Q of 2019.

"All of these new developments are expected to contribute positively to the group's earnings in future," said Tropicana. The group's land bank stands at 1,088.8 acres, with a total potential GDV of RM46.1 billion.

Utusan Borney (Sarawak) - 27 January 2019 - Tropicana proposes to buy 12 real estate firms for RM 1.85bil

27 January 2019

Kuala Lumpur - Tropicana Corporation Bhd (TCB) has entered into 12 conditional share purchase agreements with Tan Sri Tan Chee Sing (TSDDT) and / or persons connected to him for the proposed acquisition of 12 real estate holding companies for RM 1.85bil.

In recent statement, TCB said the proposed acquisition would be satisfied via the issuance of new redeemable convertible preference shares (RCPS).

“Out of the total purchase consideration, RM 343.7mil will be satisfied via the issuance of 286.5mil new RCPS in TCB at an issue price of RM 1.20.

““Another RM 1.51bil for debt settlement will be satisfied via RM 247.1mil cash, issuance of 823.7mil RCPS at an issue price of RM 1.20 and assumption of TSDT’s bank borrowings amounting to RM 271.8mil,” it said.

The proposed acquisition is expected to facilitate the continuing growth of the group’s core business as a property developer by increasing its existing land bank.

TCB said the land bank from the companies, located in the Klang Valley and Johor; totalled 452 hectares (ha) has potential gross development value (GDV) of RM 24.82bil.

Besides, the group also signed a memorandum of understanding to negotiate the terms of the proposed collaborations with Cenang Resort Sdn. Bhd., Sinaran Ramah Sdn. Bhd., Pantai Kok Resort Development Sdn. Bhd., Suci Padu Sdn. Bhd. and Ibarat Indah Sdn. Bhd.

TCB also announced the redesignation of Tan Sri Dr. Lim Wee Chai from Non-Executive Deputy Chairman to Non-Executive Chairman of the group, while TSDDT, the company’s founder returns as Executive Vice Chairman. - Bernama

New Straits Times - 25 January 2019 - Tropicana Buys 6 Firms For RM1.85b

25 January 2019

TROPICANA Corp Bhd signed a dozen deals to buy property companies for a combined RM1.85 billion, on the day its founder Tan Sri Danny Tan Chee Sing returned to helm the property developer after a 3 1/2 year hiatus.

Tropicana said it had signed 12 sales and purchase agreements to buy 100 per cent stakes in GP Group, DL Group, TK Group and Acehub Fortune Sdn Bhd, as well as 70 per cent of Suasana Metro Sdn Bhd and 49.9 per cent of Peluang Duta Sdn Bhd.

The acquired companies ovi'n 451.99ha in the Klang Valley and Johor, with potential gross development value (GDV) of RM24.82 billion.

The RM1.85 billion pricing represented a 17.9 per cent discount of the land's indicative market value, said Tropicana yesterday,

Of the price, RM343.7 million will be paid via an issuance of 286.5 million new redeemable convertible preference shares (RCPS) in Tropicana at RM1.20 each, while RM1.51 billion will be satisfied via cash amounting to RM247.1 million, issuance of 823.7 million of Tropicana RCPS at RM1.20 each and assumption of Tan's bank borrowings of RM271.8 million.

Additionally, Tropicana announced that it had signed memoranda of understanding to negotiate the terms of the proposed collaborations with several parties to jointly develop their land.

It will work with Cenang Resort Sdn Bhd tojointiy develop the land at Pantai Cenang in Langkawi, Sinaran Ramah Sdn Bhd for the land in Pulau Rebak Kechik, Pantai Kok Resort Development Sdn Bhd for the land at Pantai Kok and Suci Padu Sdn Bhd and Ibarat Indah Sdn Bhd for the land Pokan Nenas in Johor.

Collectively, the land spans 537.73ha with total GDV of RM6.7 billionOn the same day, Tropicana announced the return of Tan as executive vice-chairman. Tan, who has a 63.56 per cent stake in Tropicana, had in June 2015 announced his retirement from the day-to-day management of the company he founded in 1979.

Tropicana also announced the redesignation of Top Glove Corp Bhd founder and executive chairman Tan Sri Dr Lim Wee Chai from non-executive deputy chairman to non-executive chairman.

"Lim and Ian have been outstanding leaders and proven successful entrepreneurs. We are delighted to be able to tap into these great minds directing us into the next growth stage. Their extensive experience will be instrumental in driving the continued development of the group " said Tropicana.

Tan said through the corporate exercises, Tropicana had added strategic landbank, making it a total of 908.09ha with the combined GDV of RM71.42 billion, "Through the proposed collaborations, Tropicana has access to a further 537.73ha with a GDV of RM6.76 billion. Thus, this month will be the right time for me to return and pursue a full-time role " he added.

Oriental Daily - 25 January 2019 - Tropicana corporation purchases 12 real estate companies

25 January 2019

Tropicana to buy 12 real estate firms for RM 1.85bil

Kuala Lumpur, 24 January 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) announced few of its group’s activities.

Firstly, the group proposed to acquire 12 real estate holding companies at RM 343.7mil. It said the land banks from these companies are located in Klang Valley and Johor, with total 1,121 acres.

Meanwhile, the group reached to an agreement with one of the seller, Tan Sri Dato Danny Tan, to return Tan’s debts of RM 1.51bil that was delayed by these 12 real estate holding companies.

In a statement today, Tropicana Corp. Bhd. said the proposed acquisition would be satisfied via the issuance of new redeemable convertible preference shares (RCPS).

In another words, the group will have to pay RM 1.85bil to support the above-mentioned activity.

The group mentioned the issuance of 286.5mil new RCPS in the group at an issue price of RM 1.20.

The group expected RCPS able to collect RM 1.33bil or 80% of the total acquisition price, whereas balance 20% will be via Tan Sri Dato’ Danny Tan bank borrowings.

Lastly, Tropicana Corp. Bhd. announced the group has signed Memorandum of Understanding (MoU) with five companies to jointly develop few plots of land total 1,328 acres own in Pulau Langkawi and Pekan Nenas, Johor.

The group said the acquisition is expected to facilitate the continuing growth existing land bank in Johor and Klang Valley.

Tan Sri Dato’ Danny Tan as Executive Vice Chairman

Meanwhile, Tropicana Crop. Bhd. announced two of the changes in the group’s human resource, effective immediately.

The group reported to Bursa Malaysia on the re-designation of Tan Sri Dr. Lim Wee Chai from Non-Executive Deputy Chairman to Non-Executive Chairman of the Group and the founder, Tan Sri Dato’ Tan Chee Sing returns as Executive Vice Chairman.

As of the 10^th of this month, Tan Sri Dato’ Danny Tan’s direct and indirect shares in Tropicana Corp. Bhd. are 25.1% and 38.45% respectively.

See Hua Daily - 25 January 2019 - Tropicana Corporation acquire 12 real estate company with RM1.8 billion

Kuala Lumpur, 24 January 2019 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) announced few of its company’s activities.

Firstly, the group proposed to acquire 12 real estate holding companies at RM 343.7mil. It said the land banks from these companies are located in Klang Valley and Johor, with total 1,121 acres.

Meanwhile, the group reached to an agreement with one of the seller, Tan Sri Dato Danny Tan, to return Tan’s debts of RM 1.51bil that was delayed by these 12 real estate holding companies.

In a statement today, Tropicana Corp. Bhd. said the proposed acquisition would be satisfied via the issuance of new redeemable convertible preference shares (RCPS).

In another words, the group will have to pay RM 1.85bil to support the above-mentioned activity.

The group mentioned the issuance of 286.5mil new RCPS in the group at an issue price of RM 1.20.

The group expected RCPS able to collect RM 1.33bil or 80% of the total acquisition price, whereas balance 20% will be via Tan Sri Dato’ Danny Tan bank borrowings.

Lastly, Tropicana Corp. Bhd. announced the group has signed Memorandum of Understanding (MoU) with five companies to jointly develop few plots of land total 1,328 acres own in Pulau Langkawi and Pekan Nenas, Johor.

The group said the acquisition is expected to facilitate the continuing growth existing land bank in Johor and Klang Valley.

Tan Sri Dato’ Danny Tan as Executive Vice Chairman

Meanwhile, Tropicana Crop. Bhd. announced two of the changes in the group’s human resource, effective immediately.

The group reported to Bursa Malaysia on the re-designation of Tan Sri Dr. Lim Wee Chai from Non-Executive Deputy Chairman to Non-Executive Chairman of the Group and the founder, Tan Sri Dato’ Tan Chee Sing returns as Executive Vice Chairman.

As of the 10^th of this month, Tan Sri Dato’ Danny Tan’s direct and indirect shares in Tropicana Corp. Bhd. are 25.1% and 38.45% respectively.

Sin Chew Daily - 25 January 2019 - Lim Wee Chai appointed as Tropicana Chairman; Danny Tan returns, appointed as Vice Chairman

25 January 2019

Tan Sri Lim Wee Chai appointed as Tropicana chairman, Tan Sri Danny Tan return as group vice chairman

Kuala Lumpur, 24 January 2019 – After the announcement of his retirement in June 2015, Tan Sri Danny Tan Chee Sing, founder and the largest shareholder of Tropicana Corp. Bhd. (TROP, 5401, main market, property), is back at the helm of the property developer as executive vice-chairman.

Tan Sri Danny Tan major shareholder with 63.56% stake

Tan Sri Danny Tan who held 63.55% stake in Tropicana after its announcement of retirement from the day-to-day management.

In a statement today, Tropicana announced Tan Sri Lim Wee Chai, 61, has been re-designated from non-executive deputy chairman to non-executive chairman of the group, whereas Tan Sri Danny Tan, 64, return as executive vice-chairman.

After his retirement, two of Tan Sri Danny Tan’s son, Datuk Dickson Tan Yong Loong and Dion Tan Yong Chien, hold the position of deputy group chief executive officer and group managing director of Tropicana respectively.

The current Top Glove Corp Bhd (TOPGLOV, 7113, main market, healthcare) founder and executive chairman Tan Sri Lim Wee Chai, 61, who designated as non-executive deputy chairman in 24 October 2017 holds a 10.3% stake in Tropicana.

Tan Sri Danny Tan, 64, re-designated from chief executive officer to vice-chairman in 7 January 2013 and follow by its retirement announcement in 18 June 2015 due to health condition.

Tan Sri Danny Tan has vast experience in certain industry such as property development, resort, restaurant and leisure, whereas in private companies hold many investment.

Acquisition of assets in cash, potential gross development value (GDV) increased RM 20.5bil

Tropicana Corp. Bhd. announced its proposed acquisitions entail a RM 343.7mil share purchase involving 12 real estate holding companies, RM1.5bil for debt settlement and collaborations with five parties to jointly develop the land at Pulau Langkawi and Pekan Nenas.

In a filing with Bursa Malaysia today, Tropicana announced the acquisition of land bank amounting to 1,116.9 acres under 12 real estate holding companies that located in the Klang Valley and Johor, with the potential gross development value (GDV) of RM 24.82bil and development cost of RM 1.85bil.

The deal will be satisfied via the issuance of 286.5mil new redeemable convertible preference shares (RCPS) in Tropicana at an issue price of RM1.20.

Meanwhile, the remaining RM1.51bil of debt settlement to be satisfied via, issuance of RCPS and assumption of Tan Sri Danny Tan’s bank borrowings.

The proposed acquisitions will increase the group’s potential gross development value (GDV) to RM 20.5bil and alleviate potential conflict of business interests between Tropicana and its major shareholder.

On top of that, Tropicana will enter into joint ventures (JVs) to jointly develop five plots of land with five companies. This include 3 plots of land totaling 53 acres in Pulau Langkawi and 2 plots of land totaling 1,275 acres in Pekan Nenas, Johor.

Upon completion of acquisition, debt settlement, issuance of RCPS, the direct and indirect stake of Tan Sri Danny Tan will increase from 25.2% and 38.5% to 56.6% and 21.7% respectively.

[Picture Caption] Tan Sri Lim Wee Chai designated as non-executive deputy chairman, Tan Sri Danny Tan as vice-chairman.

The Edge Financial Daily - 25 January 2019 - Danny Tan to inject land bank worth RM1.85b into Tropicana

25 January 2019

Tycoon Tan Sri Danny Tan Chee Sing {pic), founder and major shareholder of Tropicana Corp Bhd with a 63.56% stake, is back at the helm of the property developer as executive vice chairman after a three-and-a-half-year hiatus.

Chee Sing, 64, had announced his retirement from the day-to-day management of Tropicana, which he founded in 1979, in June 2015.

At the same time, Top Glove Corp Bhd founder and executive chairman Tan Sri Lim Wee Chai, 61, who holds a 10.296% stake in Tropicana, has been redesignated from non-executive deputy chairman to non-executive chairman of the group.

Chee Sing is the father of Datuk Dickson Tan Yong Loong and Dion Tan Yong Chien, who are the deputy group chief executive officer and group managing director of Tropicana respectively.

The appointments come as Chee Sing injects into the group, what is left of his privately-owned land bank worth RM1.85 billion representing a 17.9% discount as compared to the indicative market value.

The land bank of 1,116.88 acres (451.98ha) under 12 real estate holding companies are located in the Klang Valley and Johor, with the potential gross development value (GDV) of RM24.82 billion.

In a filing with Bursa Malaysia yesterday, Tropicana said under the deal, RM343.7 million of the total RM 1.85 billion will be satisfied via the issuance of 286.5 million new redeemable convertible preference shares (RCPS) in Tropicana at an issue price of RM 1.20.

The remaining RM 1.51 billion for debt settlement will be satisfied via RM247.1 million cash, issuance of 823.7 million RCPS at an issue price of RM 1.20 and assumption of Chee Sing's bank borrowings amounting to RM271.8 million.

Tropicana is also proposing to enter into joint ventures (JVs) with Cenang Resort Sdn Bhd, Sinaran Ramah Sdn Bhd, Pantai Kok Resort Development Sdn Bhd, Suci Padu Sdn Bhd and Ibarat Indah Sdn Bhd to jointly develop four plots of land totalling 1,328.76 acres the five companies own in Pulau Langkawi and Pekan Nenas, Johor. The total estimated GDV for the proposed JV developments is RM6.7 billion.

Meanwhile, Tropicana said the proposed acquisitions are expected to facilitate the continuing growth of its core business as a property developer by increasing its existing land bank in Johor and Kuala Lumpur.

"In addition, the proposed acquisitions will mitigate potential conflict of business interests between Tropicana and its major shareholder (Chee Sing)," it added. I Tropicana noted that the strategic locations of the acquired land in Johor and Kuala Lumpur are expected to contribute positively to the group's future earnings in the medium to long term as the group monetises the acquisition land.

The issuance of the RCPS as part of the purchase consideration and the debt settlement amount will enable the group to conserve its cash balance for the operations and expansion while minimising the potential impact on the cashflow and gearing of the group as opposed to full settlement in cash and/or via bank borrowings, it added.

The proposals are expected to be completed by the third quarter of 2019. In a separate statement, Lim said: "In my role as chairman, I look forward to continuing to assist the group in many initiatives and efforts to deliver value to our shareholders, customers and other stakeholders. I am excited with this latest land injection which was independently valued by professionals." "Tropicana received a discount of 17.9% from market value on the lands and discount from revalued net asset value of the target companies. With the RCPS structure, the capital structure in the ownership of these strategic assets have been optimised. This will also align the interest of Tan Sri Danny Tan with Tropicana," he added.

Chee Sing said upon completion of the latest corporate exercise will bring Tropicana's total land bank to 2,243.93 acres with a combined GDV potential of RM71.42 billion.
"Additionally, through the JVs, Tropicana will have access to a further 1,328.76 acres with a GDV of RM6.7 billion. Thus, January 2019 will be the right time for me to return and pursue a full time role," he added.

This is not the first time Chee Sing has injected his personal properties into Tropicana. In March 2012, Chee Sing injected 73 of his privately-held properties into the group, then known as Dijaya Corp Bhd, for RM948.7 million, making it one of the largest related-party transactions in Malaysia. The aim then was to turn Tropicana into a property developer comparable to its other large competitors such as Mah Sing Group Bhd and S P Setia Bhd.

The deal was satisfied by RM250 million cash and the issuance of a 10-year redeemable convertible unsecured loan stock.

More recently, on Sept 14 last year, the tycoon injected into the group, two plots of land totalling 329.1 acres in Johor, for RM49.05 million or RM40 per sq ft, representing an 11% discount to the indicative market value of RM45 per sq ft as opined by independent registered valuer Messrs C H Williams Talhar & Wong.

The transaction then saw an increase in Tropicana's net and gross group gearing to 0.34 and 0.66 post-acquisition, from December 2017's 0.27 and 0.56 respectively.
Tropicana shares closed down one sen or 1.13% at 87.5 sen yesterday, bringing a market capitalisation of RM 1.29 billion. Over past one year, the stock price has fallen 4.9% from 92 sen.

In comparison, S P Setia's market value stood at RM9.94 billion, while that of Mah Sing was at RM2.26 billion yesterday..