Tropicana eyes new launches worth RM3 bln GDV in FY20

Last update: 28/11/2019

KUALA LUMPUR, Nov 28  -- Tropicana Corporation Bhd will continue to focus on delivering long-term value to its stakeholders by targeting new launches with a gross development value (GDV) of RM3 billion in the financial year ending Dec 31, 2020 (FY20).

 These new launches, which are expected to contribute positively to the group’s earnings in the coming year, include the strategically-located low-density condominiums at Tropicana Miyu, Petaling Jaya; the first phase of Tropicana Grandhill, the Group’s inaugural development in Genting; and new phases at Tropicana Heights, Tropicana Danga Cove and Tropicana Aman. 

Following the success of its first hotel, W Kuala Lumpur, Tropicana said it 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 recurring income stream.

Meanwhile, Tropicana’s net profit for the third quarter ended Sept 30, 2019 (Q3) declined to RM16.79 million from RM34.15 million in the same period last year.

Revenue also decreased to RM246.12 million from RM307.11 million previously, it said in a filing to Bursa Malaysia.

The decrease in revenue in the current quarter reflected the lower progress billings across some of the group’s key existing ongoing projects and lower sales due to weak real estate conditions.

“On the whole, the group believes there will still be demand for landed properties and integrated developments in prime locations with accessibility to good amenities and attractive pricing.

“The group is confident that its relentless efforts in delivering long-term value to its customers will increase its competitive advantage and position it for further growth in the year ahead,” it added.