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Pictured here is TwinPines Serviced Suites in Genting Highlands by Tropicana Corporation Berhad. Image source: tropicanacorp.com.my

Tropicana Corporation Berhad (“Tropicana” or “The Group”) announced its unaudited financial results for the first quarter ended 31 March 2020 (“Q1 FY2020”) yesterday.

The Group recorded lower revenue of RM142.7 million and profit before tax (PBT) at RM7.9 million, compared to RM209.8 million and RM21.0 million recorded in the corresponding quarter in FY2019. The lower revenue and reported PBT were due to lower progress billings across some of the Group's main ongoing projects and reduced sales during the Movement Control Order ("MCO") period to curb the spread of the Coronavirus pandemic ("COVID-19").

The Group reported unbilled sales of RM727.2 million as at 31 March 2020, anchored by six ongoing townships, commercial and resort-themed developments, and the current 2,344.0-acre landbank with a total potential GDV of RM70.0 billion. With more sales reported in past MCO, it is expected that the Group's unbilled sales will further increase.

Tropicana will continue to introduce new developments and phases in 2020 across its signature townships with a GDV of RM1.6 billion. The upcoming launches comprise Tropicana Grandhill's first phase, 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.

The Group remained true to its core principle despite the challenges brought on by the current economic environment, that is listening to the needs and demands of the people where the Group has presence at. Throughout the MCO period, the Group extended rental waivers to applicable tenants at the newly opened Tropicana Gardens Mall to ease the tenants’ burdens and allow them to provide more assistance to their employees. The mall has just opened for business in early March 2020.

Aware of customers’ needs given the current economic situation, Tropicana launched its digital platform - “Tropicana Stay Home” from the start of MCO until 30 April 2020 to allow buyers to experience their properties online.

Subsequently, in response to customer reviews and questions from early May 2020, Tropicana unveiled the "Tropicana 10-TEN" campaign with ten signature offers to help ease the financial burden and worries of buyers about the economic uncertainty as well as to further boost their trust to owning their dream home.

With the "Tropicana 10-TEN" initiative, buyers are provided with a variety of benefits including booking fee as low as RM1,000; flexi-buy with free cancelation and revocation of the Sales Purchase Agreement within 30 days; zero down-payment; cashback; simple payment options with zero-interest installment plans up to 18 months; and Memorandum of Transfer at no extra cost.

Buyers will have 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. The program also provides mortgage relief to reduce the rising financial burden of homebuyers. By providing referrals, existing buyers can also receive double rewards of up to 2% of the nett purchase price. Under this campaign, buyers will receive a six-month moratorium and interest waiver in the event of unemployment, pay-cuts or diagnosed with COVID-19.

The Group’s developments 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).

Moving forward, Tropicana believes there will still be demand for properties with attractive pricing at prime locations. With the property market expected to experience modest recovery in 2020, the Group will remain focused on market-driven product offerings while unlocking the value of its landbank at strategic locations in the Klang Valley, Genting Highlands and the Southern Peninsular region.    

(1 July 2020)


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Congrats Tropicana Corporation Berhad. 

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Good news for shareholders of Tropicana.

Tropicana Garden Residential above Tropicana Garden Mall is quite nice, currently helping my clients managing their unit there. 

The retail outlet so far only 1 wings is running business, hopefully the occupancy rate is greater than the Encorp Mall since it is just next to MRT, so it can continue bring up the property price and rental.