The Sun - 21 September 2020 - Properties Still Popular as an Investment

21 September 2020

PETALING JAYA: Property developer Tropicana Corp Bhd, which launched the Edelweiss SOFO (small office/ flexible office) & Serviced Residences two days ago, expects the Malaysian property market to see modest recovery in 2020, as properties remain a popular investment option given the wide range of new properties available, coupled with the various government stimulus measures introduced.

Tropicana managing director of marketing & sales Joanne Lee said for those who can afford to leverage on these attractive schemes available now, they should take advantage of the attractive packages, low interest rates and government initiatives.

"In addition to choosing properties at strategic locations, properties that have access to well established neighbourhoods, good facilities, amenities and connectivity are important as these would appreciate over the longer-term. Be smart and confident in securing your dream property," added Lee on making smart property purchases in the current market environment.

Edelweiss SOFO & Serviced Residences is the fifth tower at Tropicana Gardens, Petaling Jaya. Spread across 2.35 acres with a gross development value of RM855 million, Edelweiss SOFO & Serviced Residences at Tropicana Gardens caters to the lifestyle needs of young executives, urbanites, young families and empty nesters. Combining serviced residences and city offices, it is located amid the neighbourhoods of Tropicana Indah and Kota Damansara.

Despite the challenging market conditions, the Edelweiss SOFO & Serviced Residences (Phase 1) has already experienced a 75% take-up rate to date, even prior to its launch.

"The fifth tower truly embraces the essence of an exclusive, integrated lifestyle home, with everything under one roof - security, connectivity and accessibility to major highways, amenities and facilities. Following the success of our first four towers at our Tropicana Gardens development, we listened to feedback from current and potential customers. Where possible, we integrated these into Edelweiss to ensure it exudes modern, urban vibes yet still able to give residents a quiet place to rest. It is the last gem of Tropicana Indah," said Lee.

Edelweiss SOFO & Serviced Residences will be the first tower at Tropicana Gardens to introduce smart living and conveniences. Smart living and conveniences offers serviced residence homeowners a smart home concept that comes complete with a smart home hub, door sensors, smart sockets, air-conditioner control systems and smart multi-tiered security system.

Comprising 52 storeys, this tower houses 630 units of serviced residences with built-up ranging between 556 sq ft to 1,111 sq ft, and 397 SOFO units with built-up from 452 sq ft to 858 sq ft that come with flexible, open layout plans.

It also has two storeys of retail lots available. Armed with its GreenRE accreditation silver rating, the overall building is also categorised as a green building with energy-efficient features.
Edelweiss offers various layouts for multi-generational living and dual-key units which are investment friendly. The flexible and open layouts offered at its SOFO units are suitable for a wide array of businesses which include modern offices, short-term rental units and more.

Owners of Edelweiss' SOFO units will have access to landscape gardens, meeting rooms, business centres and the multipurpose hall. Residents at the serviced residences will enjoy a wider range of facilities such as the various pools, the yoga deck, a children's playroom, children's playground, a reading room, a gymnasium and the barbeque area.

Edelweiss is connected to the Tropicana Gardens Mall and the Surian MRT station via a designated elevated pedestrian bridge.

From left: Tropicana executive director Jared Ethan, group managing director Dion Tan and Lee at the launch of Edelweiss SOFO & Serviced Residences.

The Star - 9 September 2020 - Towering Landmark in George Town

9 September 2020

A new business cum leisure destination has opened its doors to customers in Macalister Road, Penang.

Courtyard by Marriott at Tropicana 218 Macalister in Macalister Road, Penang, is the first in Malaysia and Marriott International's 17th brand in the country.

This latest project is a partnership with property developer Tropicana Corporation Bhd.

The hotel is sited at Tropicana 218 Macalister, which is a high-rise residential project on 0.94ha or prime freehold land in George Town's bustling business district with a total gross development value of RM334.7mil. It consists of 199 smart and spacious rooms and suites that boast unobstructed views of George Town and the Straits of Malacca.

The hotel's all-day dining restaurant is called Penang Kitchen and Gin Library is the state's first and only distillery-themed bar.

Additional facilities include a 24-hour fitness centre, an outdoor infinity pool overlooking Penang Hill and dynamic public spaces created to help guests transition seamlessly from work to restful moments. The facility also comes with a pillarless ballroom that can accommodate up to 150 guests, eight state-of-the-art meeting rooms and one VIP room, each fitted with the latest audio-visual equipment.

Chief Minister Chow Kon Yeow, who launched the hotel's opening ceremony, said the event marked the welcome return of a favourite international hotel group to the city and in Penang.

'The Penang government is certainly committed to re-energise our tourism industry as we are the first state to initiate the Penang Accreditation System for tourism operators.

'This is for them to successfully comply with the standard operating procedures (SOPs) during the Covid-19 pandemic.

"With the tourism industry as a fundamental pillar of the current and future socio-economic progress of Penang, we are convinced that the opening of the Courtyard by Marriott is in line with such a vision.

"We want to transform Penang into an international and intelligent state that is a location of choice for investors, a destination of choice for tourists and a habitat of choice for those who desire stylish living." Tropicana group managing director Dion Tan said the introduction of Courtyard by Marriott at Tropicana 218 Macalister marked the launch of its second hotel from the Marriott Group.

"This is in line with our strategy to strengthen our investment portfolio and increase our recurring income stream although this is a challenging time for hotel operators.

"With the support and swift action from both state and federal governments in controlling and combatting Covid-19, we are optimistic that the local tourism scene is slowly but steadily recovering even as our international borders remain closed." General manager Subash Basrur said Penang being the Pearl of the Orient presents its own unique combination of modern and old charm that continues to attract not only international travellers, but also domestic tourists who are never tired of the sights and sounds of the island.

"Cognisant of the current pandemic, we are committed to deliver a safe yet welcoming experience that inspires and re-energises guests and we are committed to Marriott's Commitment to Clean programme, which deploys a multi-pronged approach to elevate cleanliness standards."

Present were Tropicana Corporation Berhad group executive vice-chairman Tan Sri Tan Chee Sing and his wife Puan Sri Ivy Tan.

Chow (fourth from right) joining Chee Sing (on Chow's right) and Ivy (third from left) in the ribbon-cutting ceremony at Courtyard by Marriott Penang in George Town. With them (from left) are Subash, Tropicana group chief executive officer Alex Yeow, Chee Sing's mother Low Siew Beng, Dion, Marriott International marketing (SEA) area director Cindy Yoong and Tropicana executive director Din Tan.

The Edge - 31 August 2020 - Tropicana Corp to Launch Tropicana Miyu in PJ

31 August 2020

A project by Tropicana Temokin Sdn Bhd - a 51:49 joint venture between Tropicana Corp and Temokin Holdings Sdn Bhd - Tropicana Miyu will offer 271 condominium units in a 41-storey block.

According to Adrian Chin,Tropicana Corp's executive director, the development has a gross development value of RM280 million.

"The land area is 2.82 acres. We have had previews for staff, business associates and loyal customers,and the response has been very encouraging. We have also received a lot of registrations online. During the MCO (Movement Control Order) period, we saw strong interest and [therefore] we have full confidence when this boutique project is launched,'' he says.

The units at Tropicana Miyu will have built-ups of 851 to 2,183 sq ft and 2-bedroom, 2-bathroom to 4-bed-room,3-bathroom layouts. The units are semi-furnished and will come with kitchen cabinets with a hood and hob,air conditioners in all bed rooms and the living room as well as a digital lock.

The condominium block is positioned in a north-south direction, and all bedrooms will have an external view. Of the 271 units, 28 are dual-key units and two are penthouses. Each unit will come with two parking bays. On average, there will be eight typical units per floor.

The facilities include vehicle charging stations, an infinity pool, a shallow pool, pool deck, floating gymnasium, reflexology path,children's playground,cabana as well as barbecue area. The indicative maintenance fee is 33 sen psf, including sinking fund, per month.

The project is currently at the piling stage, and is scheduled for completion by mid-2024.

The units will be priced from RM780,000 to RM1.5 million, or an average of RM910 psf. Managing director for marketing and sales Joanne Lee believes the pricing is competitive for the area.

She is confident the project will be sold out soon due to its location in PJ as well as its concept - a modern setting in a mature neighbourhood, where residents can enjoy modem conveniences and old-time favourites. So far,Tropicana Corp has received more than 2,000 high-purchase-intention registrations for Tropicana Miyu.

As all units have a balcony and a yard, Lee says, the offering is just right for buyers' requirements in the new normal as they spend more time at home.

"Tropicana Miyu means a place for 'me' and 'you', with the concept of its being a perfect home for individuals and their loved ones. With its location within a mature area of PJ, the older generation can enjoy the conveniences of available amenities while the younger generation can enjoy a comfortable and modern lifestyle," she says.

"What we are selling here is the prime location - the site is next to the Sprint Highway. The layout is functional and we are targeting a mix of owner-occupiers and investors,but more of families,young executives and parents buying for their children."

The Star - 20 August 2020 - Tropicana records 80% higher pre-tax profit in second quarter

20 August 2020

The increase was attributable to the gains arising from the sale of the two parcels of freehold development land.

This was in tandem with its 12.1% year-on-year (y-o-y) increase in revenue to RM335.7mil, where the two parcels of land in Johor Bahru were sold for a total of RM241.8mil cash.

On the first six months basis for financial year 2020 (FY20), the group's pre-tax profit rose 41% y-o-y to RM109.5mil, although revenue came in lower at RM478.4mil due to lower sales and progress billing across projects in the Klang Valley and the southern region.

During the period under review, Tropicana achieved unbilled sales of RM679.4mil, anchored by ongoing townships, commercial and resort themed projects and existing land bank of 2,344 acres with a total potential gross development value (GDV) of RM70bil.

It said in a statement that this placed the group in a strong position to deliver sustainable earnings performance for FY20.

Tropicana is also expected to roll out a series of new developments and phases with a GDV of RM1.8bil across its signature Tropicana townships in the second half.

"While growth prospects are expected to be subdued in the short term, we believe there will still be demand for properties in prime locations with attractive pricing, innovative ownership packages and offerings, especially for first-time homebuyers.

"The lowering of the overnight policy rate to 1.75% by Bank Negara and the introduction of the Home Ownership Scheme by the government recently will give Malaysians the opportunity to gain greater access to housing loans and stimulate the property market," it said.

Sin Chew Daily - 28 July 2020 - Congratulations on Tropicana Gardens Mall Opening and Head Office Relocation

28 July 2020

Sin Chew Daily - 28 July 2020 - Congratulations on the Head Office Relocation and the Fully Sold

28 July 2020

Sin Chew Daily - 28 July 2020 - Congratulations on New Head Office and the Successful Launching

28 July 2020

Sin Chew Daily - 28 July 2020 - Congratulations on Head Office Relocation and Opening, Tropicana Gardens Mall in Kota Damansara Officially Open

28 July 2020

Berita Harian - 28 July 2020 - Tahniah atas Pembukaan Pusat Beli-belah dan Perasmian Ibu Pejabat Di Tropicana Gardens

28 July 2020

New Straits Times - 28 July 2020 - Congratulations on the Mall Opening and New Head Office in Tropicana Gardens

28 July 2020

The Star - 28 July 2020 - Congratulations on the Opening of Tropicana Gardens Mall and Relocation of New Head Office to Tropicana Gardens

28 July 2020

The Star - 28 July 2020 - Congratulations on the Relocation of New Head Office and Success of Tropicana Gardens

28 July 2020

The Star - 28 July 2020 - Congratulations on the Relocation of New Head Office and Final Phase of Tropicana Gardens

28 July 2020

The Star - 28 July 2020 - Tropicana Gardens Mall Now Open in Kota Damansara

28 July 2020

The Edge - 27 July 2020- Congratulations on the Opening of Tropicana Gardens Mall and Relocation of New Head Office to Tropicana Gardens

27 July 2020

The Edge - 27 July 2020- Congratulations on the Relocation of New Head Office and Success of Tropicana Gardens

27 July 2020

The Edge - 27 July 2020 - Congratulations on the Relocation of New Head Office and Final Phase of Tropicana Gardens

27 July 2020

The Edge - 27 July 2020- Tropicana Gardens Mall Now Open in Kota Damansara

27 July 2020

Sin Chew Daily - 20 July 2020 - Tropicana Corporation Moves Towards the Next Growth

20 July 2020

Tropicana Corp. Bhd. (TROP, 5401, main market, property) Through the “Tropicana 10-TEN” campaign, buyers are provided with an unprecedented scale of benefits including low booking fee of RM1,000; flexi-buy with free cancellation and Sales Purchase Agreement revocation within a period of 30 days; zero down-payment; cashback; easy payment options with zero-interest instalment plans up to 18 months; and Memorandum of Transfer at no extra cost.

Offers and Deals to Encourage On Securing Dream Home - The company launched the “Tropicana 10-TEN” campaign with the aim to help lessen buyers’ financial burden and to assist them in securing their dream home.

The Group CEO Alex Yeow Wai Siaw highlighted that buyers will be given the opportunity to own their properties via a 10:90 scheme to lock-in their investment and save up on progressive interest by paying only 10% before completion for minimal capital outlay.

Meanwhile, existing buyers may also earn double rewards of up to 2% by providing referrals. In the event of unemployment, pay-cuts or diagnosed with COVID-19, buyers will receive a six-month moratorium and interest waiver under this campaign.

The developments which featured under “Tropicana 10-TEN” campaign are Tropicana Aman (Kota Kemuning), Tropicana Metropark (Subang Jaya), Tropicana Gardens (Tropicana Indah), Tropicana Heights (Kajang), Tropicana Cheras, Tropicana Landmark (Kota Kinabalu) and Tropicana Grandhill (Genting Highlands).

Customer-centric Initiatives- These quick adaptive customer-centric initiatives attained overwhelming results with encouraging bookings worth over RM350.0 million as of 28 June 2020.

For the first quarter ended 31 March 2020, the group recorded lower net profit at RM5.1 million; first quarter revenue lowered at 31.96% at RM142.7 million, profit before tax (“PBT”) at RM7.9 million.

According to the Group, the lower revenue and PBT registered were attributable to lower progress billings across some of the Group’s key on-going projects and lower sales during the Movement Control Order (“MCO”) period. As at 31 March 2020, the Group recorded unbilled sales of RM727.2 million, anchored by six ongoing townships, commercial and resort themed projects and existing landbank of 2,344.0 acres with a total potential GDV of RM70.0 billion.

To Launch RM1.6 billion Worth of New Development This Year - In 2020, the Group will continue to introduce new developments and phases across its signature Tropicana townships with a GDV of RM1.6 billion. The upcoming launches include the first phase of Tropicana Grandhill, the TwinPines Serviced Suites with fully furnished serviced apartments in Genting Highlands; Shoppes & Residences (South), a mixed development comprising retail lots and serviced apartments at Tropicana Metropark, Subang Jaya.

Also, a new landed residential phase at Tropicana Aman, Kota Kemuning; Tropicana Miyu condominiums at Jalan Harapan, Petaling Jaya; as well as shop offices at Gelang Patah, Johor.

Extended Rental Waivers to Help to Brace Through the Pandemic - Despite the challenges brought on by the current economic environment, Tropicana remained true to its core purpose - listening to the needs and demands of the community where the Group has presence. The Group extended rental waivers to applicable tenants at the newly opened Tropicana Gardens Mall throughout the length of the MCO, to not only ease their burdens, but allow them to provide further assistance to their employees. The mall first opened for business only in early March 2020.

Moving forward, the Group believes that there will still be demand for properties in prime locations with attractive pricing. With the property market expected to see modest recovery in 2020, the Group will remain centred on being market driven in its product offerings while unlocking value of its landbank in strategic locations in the Klang Valley, Genting Highlands and the Southern region of Peninsular Malaysia. Guided by Tropicana’s trademark development DNA, strong track record as well as ability to introduce innovative designs at its integrated townships, the Group will continue to lay the groundwork to strengthen its foundations to see it through the next growth phase.

Nanyang Siang Pau - 4 July 2020- Tan Sri Danny Tan Chee Sing and Tan Sri Dr Lim Wee Chai donate RM2.5 million of medical equipment

4 July 2020

Prime Minister Tan Sri Muhyiddin Yassin (fifth from left) taking photos with Tan Sri Dr Lim Wee Chai (fifth from right) and Tan Sri Tan Chee Sing (fourth from left) after receiving the medical equipment at the Prime Minister's Office.

The Star- 4 July 2020- Caring Corporates

4 July 2020

New Straits Times - 4 July 2020 - RM2.5m medical supplies for hospitals

4 July 2020

In a brief ceremony at Perdana Putra here, the contribution from Tropicana was presented by group executive vice-chairman Tan Sri Tan Chee Sing, while Top Glove was represented by executive chairman Tan Sri Dr Lim Wee Chai.
Tropicana contributed medical equipment, such as ventilators, ultrasound machines and medical suits, valued at RM1.5 million. Top Glove contributed three million gloves worth RM700,000, as well as medical equipment like ventilators and Personal Protective Equipment worth RM300.000.
According to statements issued by the two companies, the Tan Sri Muhyiddin (TSM) Charity Golf Foundation would distribute the contributions to hospitals and health departments identified by the Health Ministry for use by frontline workers.

Sin Chew Online - 3 July 2020 - Tropicana Corporation and Top Gloves donated RM2.5 million

3 July 2020

Prime Minister Tan Sri Muyuddin Yassin took over RM2.5 million worth of medical equipment contributions from Tropicana Corporation Berhad and Top Glove Corporation Berhad on the Friday at the Perdana Putra Complex in Putrajaya, to be used by the Health Ministry.

Prime Minister Tan Sri Muhyiddin Yassin (fifth from left) took photos with the founder of the two companies after receiving the donation.

The fifth from right is Tan Sri Dr Lim Wee Chai, executive chairman of Top Glove; and the fourth from left is Tan Sri Tan Chee Sing, group executive vice-chairman of Tropicana.

The Star Online - 1 July 2020 - Tropicana has unbilled sales of RM727mil

1 July 2020

“As at March 31, the group recorded unbilled sales of RM727.2mil, anchored by six ongoing townships, commercial and resort themed projects and existing landbank of 2,344.0 acres with a total potential gross development value of RM70bil.

“With more sales recorded past MCO, the group’s unbilled sales is expected to strengthen further,” Tropicana said in a statement.

In the first quarter ended March 31, Tropicana recorded lower revenue and pre-tax profit at RM142.7mil and RM7.9mil respectively, compared to RM209.8mil and RM21mil recorded in the corresponding quarter in FY2019.

Tropicana said the lower revenue and pre-tax profit registered were attributable to lower progress billings across some of the group’s key on-going projects and lower sales during the movement control order (MCO) period which was enforced to curb the spread of the Coronavirus pandemic.

“In 2020, the group will continue to introduce new developments and phases across its signature Tropicana townships with a GDV of RM1.6bil,” it said.

The upcoming launches include the first phase of Tropicana Grandhill, the TwinPines Serviced Suites with fully furnished serviced apartments in Genting Highlands; Shoppes & Residences (South), a mixed development comprising retail lots and serviced apartments at Tropicana Metropark, Subang Jaya; a new landed residential phase at Tropicana Aman, Kota Kemuning; Tropicana Miyu condominiums at Jalan Harapan, Petaling Jaya; as well as shop offices at Gelang Patah, Johor.

Tropicana said the group extended rental waivers to applicable tenants at the newly opened Tropicana Gardens Mall throughout the length of the MCO, to not only ease their burdens, but allow them to provide further assistance to their employees. The mall first opened for business only in early March 2020.

Tropicana also introduced the “Tropicana Stay Home” digital platform from the beginning of the MCO to April 30 to allow buyers to experience its properties online.

Then in early May 2020, in response to customers’ feedback and queries from the previous campaign, Tropicana launched the “Tropicana 10-TEN” campaign with ten signature deals to help lessen buyers’ financial burden and worries on economic uncertainties as well as further spur their confidence in securing their dream home.

Moving forward, Tropicana believes that there will still be demand for properties in prime locations with attractive pricing.

“With the property market expected to see modest recovery in 2020, the group will remain centred on being market driven in its product offerings while unlocking value of its landbank in strategic locations in the Klang Valley, Genting Highlands and the Southern region of Peninsular Malaysia,” it added.

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.