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.

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.

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..