PETALING JAYA: Tropicana Corp Bhd's maiden development - Tropicana Landmark - in Sabah and Sarawak has met with a positive response. The high-rise residential development in Kota Kinabalu, Sabah, saw a take-up rate of 70% at a recent roadshow at 1 Borneo Hypermall and the Property Investment and Home Expo.
According to the developer, the units were sold for an average of RM570 per sq ft (psf) and were mostly purchased by locals from Kota Kinabalu and neighbouring towns like Tawau, Sandakan, Lahad Datu and Kudat during the special preview.
With a gross development value (GDV) of RM101 million, Tropicana Landmark occupies a 1.31-acre (0.5ha) leasehold tract in Bundusan, Kota Kinabalu. The condominium overlooks Mount Kinabalu and the prestigious Sabah Golf and Country Club.
"Tropicana Landmark is our first venture into [Sabah and Sarawak] thus catapulting the Tropicana brand beyond Peninsular Malaysia. We will continue to deliver cutting-edge concepts and expand our horizons to reinforce our position as a game changer in the industry," said Tropicana group managing director Datuk Dickson Tan.
The development consists of 149 suites from the sixth floor to the penthouse on the 19th floor. Built-ups range from 1,214 to 2,753 sq ft. All units are designed to maximise daylight while providing views of Sabah Golf and Country Club, Mount Kinabalu and Tun Fuad Stephen Leisure Park.
Tropicana Landmark offers residents a fusion of eco-contemporary architecture and custom-designed, resort-style elements with crafted stone walls and water features in the lobby area. The sky deck on the fifth level will house various facilities which include an indoor swimming pool, gym, sauna, squash court, sky lounge and sky garden.
The development is accessible via the Luyang, Kolombong and Bundusan Highway. Located within a short distance are the Lido Market, City Hall, Damai and Lintas Commercial Centre, Sabah Medical Centre and Luyang Clinic.
Tan said Sabah is one of the key growth corridors in the country and Kota Kinabalu has become a hive of building activity. He reveals that the company is set to open registration for another project in the state — a mixed development project in Lido — by the fourth quarter of 2013 (4Q13).
Tropicana Landmark is on target for completion in 3Q14, with building works having just passed the 30% mark.
The group recently embarked on a re-branding exercise to leverage its strongest asset, the signature Tropicana name. It has been widening its geographical reach to Penang, Iskandar Malaysia in Johor and the Greater Klang Valley with targeted new launches worth RM3 billion for the 2013 financial year in all three locations.
Tropicana recently acquired 1,172 acres of prime development land in Canal City, Selangor, which will more than double its existing landbank from 900 acres to 2,000 acres, with a future GDV of RM70 billion.
Ongoing projects by the group are Tropicana Metropark in Subang Jaya, Tropicana Gardens in Tropicana Indah Resort Homes, W Kuala Lumpur Hotel and The Residences in Kuala Lumpur, Tropicana Heights in Kajang, Penang World City and Tropicana 218 Macalister on Penang island, Tropicana Danga Bay and Tropicana Danga Cove in Iskandar Malaysia.
This article first appeared in The Edge Financial Daily, on July 19, 2013.
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