Tropicana Corp plans to unveil three projects in early July

KUALA LUMPUR: Tropicana Corp Bhd plans to launch three new phases in its existing developments in early July, with the phases worth RM889 million in gross development value (GDV), according to the its group managing director, Daniel Teh.

The phases are Dianthus serviced residences in Tropicana Gardens, Ridgefield Residences in Tropicana Heights and Cheria Residences in Tropicana Aman.

“Although the market remains challenging but I believe we can achieve our sales target with suitable products with competitive pricing that cater for the needs of buyers,” he told TheEdgeProperty.com in an interview.

These three projects are part of Tropicana Corp’s RM1.72 billion new launches for 2016. The group aims to achieve RM1.5 billion in property sales this year.

According to Tropicana Corp marketing and sales (business development) senior general manager Ung Lay Ting, the three phases are part of four or five new phases within its existing projects that will be launched this year.

The Dianthus serviced residences, one of the three phases scheduled to launch next month, is the final phase of the RM2.3 billion GDV Tropicana Gardens’ mixed development in Kota Damansara, which is located right in front of the Surian Mass Rapid Transit (MRT) station.

The development comprises four residential towers, one corporate office and a shopping mall with 1.1 million sq ft net lettable area (NLA) that is linked to the MRT station, which will start operating in 2018.

The 27-storey Dianthus tower has a GDV of RM300 million. It consists of 271 residential units with five layouts and built-ups ranging between 601 sq ft and 1,406 sq ft.

“The selling price averages RM1,300 psf and starts from RM700,000. Currently, we have received an overwhelming response from the public, where the number of interested buyers registered are more than 20 times the number of total units offered,” she added.

The other new launch is Ridgefield Residences in Tropicana Heights, Kajang. This 20.18-acre project is the third phase of the 199-acre freehold township.

With a GDV of RM231 million, this phase will comprise 218 units of landed homes, with 178 units of townhouses and 40 units of semi-detached houses. The project is slated for completion by mid-2019.

Ung said the built-ups of the townhouse units range from 1,994 sq ft to 2,658 sq ft, with selling prices starting from RM629,000 or RM360 psf on average, while the semi-dees have a built-up of 3,931 sq ft, with selling prices from RM2.1 million or RM625 psf on average.

“Tropicana Heights has attracted many upgraders from Kajang and Bangi. Some of them are from Petaling Jaya,” she explained.

She noted that 85% of the buyers are owner-occupiers who are looking for bigger units in gated-and-guarded townships with a good living environment.

Over at Tropicana Aman near Kota Kemuning, the group will launch its third phase, the 863-acre township Cheria Residences, which has a GDV of RM358 million.

The 38.5-acre leasehold development comprises 272 units of 2-storey semi-dees with built-ups ranging between 3,200 sq ft and 3,670 sq ft.

Ung said the selling price starts from RM1.35 million or RM420 psf on average. The project is expected to be completed by 2018.

This story first appeared in TheEdgeProperty.com pullout on June 17, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com here for free.