Selangor Kini - 30 April 2020- Selangor received 200,000 face masks donated by Tropicana Corporation Berhad

30 APRIL 2020

The donation was presented by Tropicana Corporation Berhad Group Executive Vice Chairman Tan Sri Dato' Tan Chee Sing to Dato 'Seri Amirudin Shari at the Chief Minister's Dato' Residence here.
Amirudin said the donations would be handed over to the state disaster relief room before being distributed to the front staff who still needed the equipment.

"This initiative is an indication of their involvement in Selangor which has been active in addition to proving concern to frontline personnel exposed to the outbreak"

"Thus, I thank the people regularly and continue to contribute to the state fund in the form of goods. as well as ringgit to be used for anti-Covid-19 activities" He told Selangor Media.

Amirudin said the real estate developer also contributed to economic activity in Selangor as it had various projects and assets that boosted the state's income.

Tropicana Corporation Berhad is one of the leading listed companies on Bursa Malaysia Securities Berhad since 1992.

In addition to actively engaged in real estate and resort development activities, the Petating Jaya-based company is also involved in property investment and investment holding.

iProperty - 30 March 2020 - Tropicana Corp Waives Tenant Rentals Amid Covid-19 Outbreak

31 March 2020

This is to help ease tenants' financial burden amidst the Covid-19 outbreak so that they can, in turn, assist their employees. All tenants offering non-essential trade and services at Tropicana Gardens Mall will not have to pay rent during this period, according to its press release.

The waiver applies to all businesses at Tropicana Gardens Mall that have opened since the mall began operations on March 5,2020. Tropicana Corp claimed to be the first landlord to offer a rent-free period that is longer than two weeks to its tenants. Given the challenging environment, the group is aware of the current concerns experienced by tenants.

As these are unprecedented times experienced by all Malaysians, the group believed that many would be significantly impacted over the next few months, in this regard, the group would like to support its tenants by waiving their rent for those affected or unable to operate during this period of uncertainties.

The group launched the Tropicana Gardens Mall, which has a net lettable area of about one million square feet on 5 march 2020. Strategically located in the mature area of Kota Damansara, Tropicana Gardens Mall is easily accessible via four major highways and good connectivity as it is just 50m from the Surian MRT with a variety of amenities all just within reach. Catering to the community at Tropicana Garden as well those in the vicinity; Tropicana Gardens Mall, anchored by Village Grocer and MBO Cinemas, will contineu to offer fun-filled shopping experience for customers and visitors.

The Edge - 15 Febuary 2020 - Tropicana soldiers on despite soft market

15 February 2020

Tropicana Corp Bhd's subdued share price performance in the past five years may be partially due to the soft property market but the developer believes it is not fully appreciated by the market.

The stock has gained a mere 3.5% in the past five years and it closed at 88sen last Thursday, giving the company a market capitalisation of RM1.28 billion. During the period, it rose to a high of 98.4sen and tumbled to a low of 69.1sen.

Tropicana's current price-to-book ratio of 0.35 times is below the industry average of 0.46 times, indicating a potentially undervalued stock. Its managing director of group finance, Lim Lai Seng, attributes this to a lack of understanding of the company.

"Also, we have not gone out to the market [in recent times] but we will be doing more roadshows this year to promote Tropicana," he tells The Edge.

Group CEO Alex Yeow Wai Siaw concurs, noting that the developer has been focusing on improving its fundamentals rather than its share price. Still, he says, management is cognisant of concerns about the group's related-party transactions, which have pulled the stock down in recent years because investors generally dislike RPTs.

In September 2018, Tropicana founder and group executive vice-chairman Tan Sri Danny Tan Chee Sing injected two parcels in Johor totalling 329.1 acres into the company for RM49.05 million.

The group undertook its biggest corporate exercise four months later, which saw Tan inject all his remaining privately owned land bank into Tropicana for RM1.85 billion. The 1,116.88-acre land bank is located in the Klang Valley and Johor and has a potential gross development value (GDV) of RM24.82 billion.

While critics have questioned the RPT amid a soft market, management has pointed out that the purchase price was at a 17.9% discount to the indicative market value and was partly financed by a RM343.7 million share purchase consideration involving the issuance of 286.5 million new redeemable convertible preference shares (RCPS) in Tropicana at RM1.20 apiece. The remaining RM1.51 billion was satisfied via a debt settlement, involving RM247.1 million cash, the issuance of 823.7 million RCPS at RM1.20 each (totalling RM988.44 million) as well as the assumption of Tan's bank borrowings amounting to RM271.8 million.

Tropicana's net gearing stood at 0.33 times as at Sept 30, 2019, compared with 0.25 times in the previous year. Total cash stood at RM848 million while borrowings amounted to RM1.96 billion.
Lim, however, says the group's net gearing could rise to 0.41 times as it inherited some loans along with the acquisitions. "We are in the midst of tidying that up and restructuring our debt to match our cash flow profile for the next five years. Following some paring of debt, we expect our net gearing to come down to about 0.3 times in two years." In September last year, Tropicana issued the first tranche of its RM2 billion sukuk programme to raise RM248 million, which was used to refinance existing borrowings and for working capital. It has seven years to raise the remaining RM1.752 billion from sukuk sales under the programme.

"We now have a good story to tell with a clean balance sheet. We also have in place a strategy that will see us through the current market situation. We could charge forward if the market improves or we could defend ourselves if the market worsens," Yeow says, adding that last year's RM1.85 billion asset injection represents Tropicana's final major RPT.

Last year, the group missed its RM2.5 billion target for new property launches, managing only RM2 billion, which Yeow blames on policy changes. "The policy changes delayed some of our launches by one to two months. They had to be brought forward to the first two months of this year," he says, referring to the Federal Court ruling in November last year that the controller of housing cannot extend the completion period of projects for developers, which for high-rise developments is traditionally 36 months. "Some of our launches at Tropicana Gardens in Kota Damansara feature apartment buildings that are more than 50 storeys high and thus require a longer construction period. Thus, we filed an appeal to seek an EOT (extension of time) before we could officially launch them." The group has revised downwards its 2020 target for new property launches to RM2 billion from RM3 billion set in November last year, comprising new phases in its four ongoing "bread-and-butter" projects in the Klang Valley, namely Tropicana Aman in Kota Kemuning, Tropicana Gardens, Tropicana Metropark in Subang Jaya and Tropicana Heights in Kajang.

It will also launch two new projects in Genting and Pantai Cenang, Langkawi - with a combined GDV of up to RM15 billion when fully completed - in the first half of the year. Targeting tourists from Japan, China, South Korea, Southeast Asia, India and the Middle East, the two proposed projects will help Tropicana circumvent problems currently facing local developers, that is, the soft market and stringent lending guidelines, says Yeow.

Currently, out of the bookings the group receives for its properties, about 30% to 40% fail to get approval for their housing loan applications, he adds. "By targeting foreign investors, we will not have this problem because they will be buying the properties in cash." For starters, the group will kick off with a total of 1,400 condos in Genting. Located on 112 acres, the condos will have a built-up of 500 sq ft and be priced between US$150,000 and US$170,000 each.

Yeow says the group is looking to tap the foreign tourists arriving at Genting Highlands to buy its units as vacation homes. According to Genting Bhd's 2018 annual report, Resorts World Genting recorded 25.9 million visitors that year and the number is expected to increase to 30 million per year once its outdoor theme park is completed.
Tropicana is so bullish on Gen-ting's property market that it is looking to acquire more land there. In January, the group announced that it was acquiring 176 acres in Gohtong Jaya, Genting, for RM332.6 million.

In Langkawi, Tropicana will be launching a five-acre condominium project comprising 700 units in Pantai Cenang. The project has a potential GDV of up to RM1.5 billion.
Both the projects will feature four and five-star hotels, although the immediate launches will be of residential units. "The hotel component will come slightly later," says Yeow.
Also in the pipeline of new launches this year is a dedicated recycling park in Johor, which has a potential GDV of RM1.4 billion.

Meanwhile, Yeow expects the soft market conditions to continue for the next two to three years unless the central bank relaxes its lending guidelines and brings back the Developer Interest Bearing Scheme, which would help clear the property overhang in the country.

Tropicana's net profit fell 14.1% year on year to RM101.88 million in the first nine months of 2019 (9MFY2019) due to lower sales and progress billings across its projects in the Klang Valley and Johor. Revenue dropped 27.5% year on year to RM755.35 million.

Yeow says the group is optimistic about its fourth-quarter and full-year FY2019 results, which are slated for release on Feb 27.

Sin Chew Daily - 11 January 2020 - Tropicana Corporation strategically purchased stock and land to develop Gohtong Jaya projects

11 January 2020

Kuala Lumpur, 10 January 2020 – Tropicana Corp. Bhd. (TROP, 5401, main market, property) and two other land and shop-lots owners at Gohtong Jaya entered into strategic share capital purchased and collaboration to develop the said area in the coming future.

Tropicana Corp. Bhd. entered into agreements with Cenang Laris (CLSB) and Valley Talent Solutions (VTS) to subscribe 297 shares for RM 297 and 9,900 shares for RM 9,900 respectively. Both share subscriptions represent 99% of the respective companies enlarged issued share capital.

In a bursa filing yesterday, CLSB had entered into two sale and purchase agreements (SPAs) with Genting Development Sdn. Bhd. to purchase 29 parcels of land measuring 176 acres at Gohtong Jaya for RM 332.6mil in 18 October 2019. On the same day, VTS also signed agreement to purchase six parcels of land and one unit of three-storey shop-lot at RM 1.6mil.

It is expected that the above-mentioned stock purchase and future development will be financed through internal funds and bank loan. Tropicana Corp. Bhd. foresees 2020 will be the tourism year that attracts many Chinese tourists to visit Genting, hence it acquired 112 acres of land at Genting Highland.

Nanyang Siang Pau - 20 January 2020 - SJK (C) Bukit Fraser moves to Tropicana Aman and foundation is almost completed

20 January 2020

Kuala Langat, 19 January 2020 – Relocating from Pahang to Tropicana Aman at Kuala Langat, SJK(C) Bukit Fraser is currently under construction and notice board were up for the announcement of new intake in next year.

Sources said that Deputy Education Minister Teo Nie Ching will revisit school construction site sometime around June this year. If every preparation is according to schedule, the school is expected to accept its first intake in 2021. Thus, parents do not have to register their kids at SJK(C) Chung Hua, Kota Kemuning or SJK(C) Wu Teck, Bukit Tinggi, in between the transition period.

According to Nanyang Siang Pau, since the groundbreaking ceremony last year September that officiated by former Education Minister, Deputy Education Minister and few other VIPs, the compound had closed for construction. The foundation work is nearly done and it is believes that the structure of the building can be completed soon.

With the increasing number of families moving into neighbourhood and the business opening in retail area, the township appears to be rather lively.

With the contribution of RM 4mil from Tropicana Corp. Bhd. and RM 2mil from Ministry of Education as school foundation, the total build-up area of SJK(C) Bukit Fraser is five acres. The first construction phase of the school includes 24 classrooms, library, computer rooms, science laboratory, art rooms and canteen.

According to the 14^th General Election, Kuala Langat has total population of 102,404 that include 58.81% of Malay, 24.14% of Chinese, 16.46% of Indian and 0.71% of others. Currently there are seven Chinese primary school within the area. With the growth of many mixed development, the population is expected to increase. Thus, complete amenities are needed to fulfill the demand of multi-races in the respected area.

SJK(C) Bukit Fraser were relocated twice

With twice relocation at the hill, SJK(C) Bukit Fraser has more than seventy years of history and the highest record of number of students were nearly 100.

As more of the younger generation shifted out from the town, the school has ceased enrolment in 2012 after its one and only student, Chen Qixian who were studying there alone.

To avoid the closing of school with no new student enrolment, the board of directors agreed to relocate the school while keeping its name. With the graduation of Chen Qixian in 2018, the school were officially closed and relocated to Tropicana Aman at Tanjung Dua Belas district of Kuala Langat.

High development in Kuala Langat, upsurge of population in future will need more Chinese primary school

In an interview with Banting State Senator Lau Weng San, he stated that Kuala Langat is nearby to Sijang Kang and Kota Kemuning area whereby these two areas welcome high volume of development.

“Most of the households at new area are filled with younger generation’s family, which means there’s need of school. Currently there isn’t any Chinese primary school, hence majority of the students will travel through a certain distant of traffic to Kota Kemuning or Bukit Tinggi.”

He believes that building Chinese primary school in new area will be able to fulfill the needs of local parents and meanwhile children can avoid studying in crowded environment. The two relocated schools SJK(C) Chung Hua and SJK(C) Wu Teck has students more than 2,200 and 1,500 respectively. Due to the increased number of developments around the area, this led to the upsurge of students. Thus, the schools are planning on expansion to improve the quality of study environment for the students.