Tropicana Metropark’s first phase 70% sold

PETALING JAYA: The first phase, Pandora Serviced Residence, of Tropicana Corp Bhd’s integrated project Tropicana Metropark in Subang Jaya has seen more than 70% take-up since its launch on May 31.

“This signifies high demand and buyers’ confidence in this award-winning development,” said Tropicana Corp group CEO Datuk Yau Kok Seng (pic). Tropicana Corp was formerly known as Dijaya Corp Bhd.

“Our main focus for the upcoming launches will be residential properties. The next phase, which we plan to launch by year-end, will include low- and high-rise residential towers,” he said.

Pandora Serviced Residence, which has a gross development value (GDV) of RM360 million, comprises two residential towers of 627 units with three design options: studio, 2- and 3-bedroom apartments. Built-up area ranges from 600 sq ft to 1,200 sq ft and prices of the units start from RM780 psf.

Tropicana Metropark is an 88-acre (35.2ha) development, which covers a gross floor area of 11 million sq ft, and has an estimated GDV of RM6.3 billion. This integrated development will have residential units, office space, retail lots, a shopping mall, hotel, entertainment hubs as well as learning and medical centres.

For easy accessibility, the group will construct a RM150 million flyover that will link the project to the Federal Highway. Work on the flyover will commence next year and is expected to be completed by 2016, while the entire development will be fully completed in 2025.

Pandora Serviced Residence will be equipped with CCTV surveillance, built-in kitchen cabinet and air-conditioners. Facilities include a floating lap pool, jacuzzi, multi-purpose hall, barbecue area and children’s playground.

Earlier this year, brisk sales of residential units priced from RM1,100 psf in Tropicana Gardens, Kota Damansara, were seen.

The group recently disposed of two adjacent parcels of leasehold land of about 6.41 acres to Mayfair Ventures Sdn Bhd, a wholly owned subsidiary of Mulpha Land Bhd, for RM116.1 million. The land is located in Tropicana Golf & Country Resort and marked for commercial development. The sale and purchase agreement is expected to be completed in the fourth quarter of this year with a forecast net gain of RM87 million for Tropicana group.

Tropicana Corp is involved in property and resort development, property investment, manufacturing, land trading and investment holding. The group was listed on the Main Board of the Kuala Lumpur Stock Exchange in 1992.

This article first appeared in The Edge Financial Daily, on June 7, 2013.

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