Tropicana Corp Bhd's key highlight in 2020 will be to introduce new developments and phases across its signature Tropicana townships with gross development value (GDV) exceeding RM2 billion.
The developer is set to launch Tropicana Grandhill, the first township development in Genting Highlands, which sits 1,800m-high atop Mount Ulu Kali, on the border of Pahang and Selangor.
It acquired 45.3ha of land in Gohtong Jaya for RM78.3 million in 2018. The township has a potential gross development value (GDV) of up to RM15 billion.
Tropicana said that based on the master plan, Tropicana Grandhill is expected to usher a new trend of holistic and health-centric resort living lifestyle in the highlands.
Tropicana Grandhill will comprise residential, commercial, wellness, education and park.
The first phase will be the TwinPines Serviced Suites with over 1,400 units of serviced apartments.
Tropicana is also launching Shoppes & Residences (South), a mixed development comprising retail lots and serviced apartments at Tropicana Metropark, Subang Jaya.
The 35.4ha integrated development sits on prime freehold land in Subang Hi-Tech Industrial Park. Tropicana acquired the land in 2011 for RM385.5 million and has so far launched a few phases like Pandora, Paloma, and Paisley.
Other upcoming launches include new landed residential phases at Tropicana Aman, Kota Kemuning; the sixth residential and commercial phase at Tropicana Heights, Kajang; Tropicana Miyu condominiums at Jalan Harapan, Petaling Jaya; and shop offices at Gelang Patah, Johor, it said in a statement.
Tropicana said, looking ahead, the group will continue to stay focused on being market-driven in its product offerings while unlocking the value of its landbank in strategic locations in the Klang Valley, Genting Highlands, and the Southern region.
The group, controlled by tycoon Tan Sri Danny Tan Chee Sing completed its corporate exercise in November 2019 and its landbank increased to about 700ha with a total potential GDV of RM61.5 billion, along with the joint development agreements for 494ha of land with a potential GDV of RM4.8 billion.
Tropicana said, while the local property market is expected to be challenging in the short term, the group believes that the government will provide continued support towards homeownership.
"Against this backdrop, the group believes that there will still be demand for properties in prime locations with attractive pricing," it said.
In a filing with Bursa Malaysia, Tropicana posted lower revenue in the year ended 31 December 2019. Revenue fell by 31.5 per cent from RM1.1 billion to RM1.6 billion in the preceding year, due to lower sales and progress billings across projects in the Klang Valley and Johor.
Net profit jumped 97.5 per cent to RM335.8 million in 2019 from RM170 million recorded in 2018.