In a filing to Bursa Malaysia, Tropicana Corporation Berhad (“Tropicana” or “Group”) announced its unaudited financial results for the first quarter ended 31 March 2025 (“Q1 2025”). Tropicana reported a revenue of RM260.4 million, representing a decrease of RM30.9 million or 10.6% compared to RM291.3 million in the corresponding quarter of the preceding year. The Group also recorded a lower profit before tax (“PBT”) of RM5.3 million as compared to a PBT of RM22.3 million in the corresponding quarter in the preceding year.

The decline in both revenue and profitability was primarily attributable to the completion of the divestment of several investment properties, resulting in a reduction of recurring income. On a positive note, the Group’s finance costs declined in line with its ongoing strategy to reduce overall debt levels through asset monetisation initiatives.

The appointment of SOM to lead LIDO’s transformation in Johor. Tan Sri Dato’ Tan Chee Sing, Founder and Group Executive Vice Chairman of Tropicana (left) and Peter Brannan, Asia Pacific Practice Leader of SOM (right)

The management cited, “We will continue to strive forward and strengthen our stakeholder engagements, focusing on value creation as well as establishing strategic marketing and sales campaigns across our online and offline platforms. We believe that the demand for properties in Tropicana’s established, mature and developing townships will persist and that the property market should maintain its positive momentum in 2025.”

“Tropicana’s unbilled sales stood at RM2.1 billion, placing the Company in a comfortable position to deliver sustainable earnings. As a community planner, we will continue to connect communities, forge better futures while delivering sustainable growth", the management added.

Tropicana continues its progress in Genting Highlands with the unveiling of Breeze Hill at Tropicana Avalon. Located on 6.7 acres of freehold land in the heart of Gohtong Jaya, Breeze Hill is best suited for investors, business owners, holiday-makers and lifestyle seekers

Tropicana will continue to gain traction in the market with these ongoing and new developments worth an estimated GDV of RM6.2 billion:

1. Varia Shop Offices, Tropicana Aman @ Kota Kemuning

2. Avisa Terrace Homes, Tropicana Alam @ Puncak Alam

3. Breeze Hill Shoppes & Serviced Apartments, Tropicana Avalon @ Tropicana WindCity, Genting Highlands

4. Serviced Suites & Bungalow Lots, Tropicana Paradise @ Tropicana WindCity, Genting Highlands

5. Clarissa Serviced Suites & Beachwalk Shoppes, Tropicana Cenang @ Langkawi

6. Skypark Kepler Branded Residences, Lido Waterfront Boulevard @ Johor

7. Fraser Heights Terrace Homes, Tropicana Uplands @ Johor

8. Bora Serviced Apartments, Tropicana Danga Bay @ Johor

Tropicana Uplands has become a highly sought-after address in Gelang Patah, Johor. Both of its commercial and residential phases, Summit Commercial Hub and Aster Heights, achieved 100% take-up, while its latest residential development, Fraser Heights phase 1, recorded 80% take-up as of Q1 2025

In the pipeline, these 2 projects will be ready for the delivery of Vacant Possession in FY2025:

1. Hana Residences, Tropicana Aman @ Kota Kemuning

2. Edelweiss Serviced Residences, SOFO & Shoppes, Tropicana Gardens @ Tropicana Indah

Assana and Merissa Serviced Suites in Tropicana Cenang, Langkawi, received good interest, recording 100% take-up. With their success, Tropicana introduced Clarissa Serviced Suites & Beachwalk Shoppes

Over the past few months, the Group has announced many positive news such as the 100% take-up on 10 of its developments across Malaysia, as well as successful collaborations with various international firms to boost confidence and sales. Tropicana Miyu, Edelweiss Serviced Residences, Freesia Residences, Gemala Residences, Hana Residences and SouthPlace Residences in the Klang Valley recorded 100% take-up. In the northern and southern regions, Assana and Merissa Serviced Suites in Langkawi, as well as Aster Heights and Summit Commercial Hub in Johor, posted 100% take-up. Tropicana Alam, the Group’s latest township at Puncak Alam, introduced its Avisa Residences show units, resulting in a positive 76% take up (phase 1). With these positive interests, Tropicana plans to roll out more new phases soon.

Tropicana’s current landbank stood at 1,336.1 acres, with a total potential Gross Development Value (“GDV”) of RM168.4 billion. In addition, the recent appointment of world-class architectural firm Skidmore, Owings & Merrill to lead the transformation of 163-acre Lido Waterfront Boulevard (“LIDO”) will add more value, placing LIDO as its most prime piece of land in Johor. This strong land portfolio strategically positions the Group to unlock significant value, drive growth and deliver sustainable performance in the next few years.

This content is provided by Tropicana Corporation Berhad.

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