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Ijok JV development GDV at RM2.3 billion, says Tropicana

KUALA LUMPUR (Nov 5): Tropicana Corp Bhd said the joint venture (JV) affordable housing development project between its wholly-owned subsidiary Tropicana Senibong Sdn Bhd and Puncak Alam Housing Sdn Bhd (PAHSB) in Ijok, Kuala Selangor, has a gross development value (GDV) of RM2.3 billion.

The group furnished some additional information on the JV in a filing with the bourse, also disclosing that PAHSB’s RM334.54 million entitlement in the venture is based on preliminary studies of the surrounding property market value, standard planning guidelines from the local authorities, and discussion with the proprietor.

This entitlement will be paid progressively within 72 months from the date of the JV agreement.

“The proprietor’s entitlement of RM334.5 million amounts to a ratio of 14.5% representing a reasonable ratio in the current property development market. The amount and payment structure of the proprietor’s entitlement as agreed between the parties formed the consideration for entering of the JV agreement,” it said.

Tropicana also disclosed the substantial shareholders of PAHSB, comprising Nur Dayana Rozali (5% stake), Nur Natasha Rozali (5% stake), Azlan Shah Rozali (5% stake), Anwar Rozali (5% stake), Aizar Shah Rozali (5% stake) and Puan Sri Faridah Idris (75% stake).

The directors of PAHSB are Puncak Niaga Holdings Bhd executive chairman and major shareholder Tan Sri Rozali Ismail, Puncak Niaga managing director Azlan Shah, Nur Dayana and Nur Natasha.

In its initial announcement dated Nov 1, Tropicana said the JV allows the group to participate in the development without requiring significant cash outlay for an outright purchase of the land while also replenishing its existing property development projects and enhancing its profile in the Klang Valley.

Tropicana closed unchanged at RM1.05, giving it a market capitalisation of RM1.55 billion.

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