PETALING JAYA: Tropicana Corporation Bhd has achieved another key financial milestone by fulfilling its payment obligations under its RM1.5 billion Islamic Medium-Term Notes (IMTN) Sukuk Wakalah programme.
The group redeemed RM139 million in sukuk due on Oct 8, bringing total cumulative payments under the programme to RM1.12 billion.
Backed by robust unbilled sales of RM2.1 billion, the group continues to generate sustainable earnings while driving momentum with ongoing and new signature developments valued at an estimated GDV of RM6.5 billion across Malaysia.
In a statement, Tropicana said its balance sheet remains strong, evidenced by a reduction in gross gearing from 0.43 times as of Dec 31, 2024 to 0.42 times as of June 30, 2025. The group remains focused on sustaining its growth trajectory through enhanced sales performance, monetisation of landbanks and investment properties, and continued financial optimisation.
“In line with our mission to transform Tropicana into a future-ready group committed to sustainable growth, we have prioritised strengthening our core property segment, leveraging on our expertise, our unique development DNA and ESG commitments. Our strategic divestment plans, and ongoing sales campaigns will continue to drive growth. We extend our sincere appreciation to our business partners for their unwavering support and trust in our group,” shared the management.
The group continues to gain traction in the market with 10 ongoing and new developments worth an estimated GDV of RM6.5 billion – Varia Shop Offices @ Tropicana Aman, Kota Kemuning; Avisa Terrace Homes @ Tropicana Alam, Puncak Alam; Premium Green Terraces @ Tropicana Alam, Puncak Alam; Breeze Hill Shoppes & Serviced Apartments @ Tropicana Avalon, Genting Highlands; Bungalow Lots @ Tropicana Paradise @ Genting Highlands; TwinPines Serviced Suites @ Tropicana Grandhill, Genting Highlands; Clarissa Serviced Suites & Beachwalk Shoppes, Tropicana Cenang @ Langkawi; Skypark Kepler Branded Residences, Lido Waterfront Boulevard @ Johor; Fraser Heights Terrace Homes, Tropicana Uplands @ Johor; Bora Serviced Apartments, Tropicana Danga Bay @ Johor.
Tropicana’s current landbank stands at 1,336.1 acres, with a total potential GDV of RM168.4 billion.