Tropicana Corp's half-year property sales surpass target to hit RM650m

• The property developer said it is on track to achieve RM1.3 billion sales as it focuses on rolling out market-centric developments while selling completed stocks to drive significant cash flows.

KUALA LUMPUR (July 27): Tropicana Corp Bhd has surpassed its property sales target, hitting RM650 million in the six months ended June 30, 2023 (1HFY2023) as property bookings soared above RM1.3 billion.

In a filing with Bursa Malaysia, the property developer said it is on track to achieve RM1.3 billion sales as it focuses on rolling out market-centric developments while selling completed stocks to drive significant cash flows.

It added that its unbilled sales stood at RM2.1 billion, providing sustainable earnings for the group.

“We will continue to unlock our land bank offering for new developments with a total gross development value (GDV) of RM1.1 billion which will contribute to the future earnings of the group.

“In the pipeline, we will be unveiling Tropicana’s first township at Puncak Alam, offering our Tropicana unique development DNA to the community,” said Tropicana.

The group's total land bank spans 2,091 acres, with a total potential GDV of RM203.7 billion. This, it said, places the group in a good position to unlock the value of its strategic landbank and deliver sustainable performance in the next few years.

Tropicana shares fell right sen or 6.02% to RM1.25 on Thursday (July 27), valuing the group at RM2.87 billion.