KUALA LUMPUR: Tropicana Corp Bhd is teaming up with Powerchina International Group Ltd to build Tropicana Paradise in Genting Highlands.
The property developer said its subsidiaries, Tropicana Inspirasi Indah Sdn Bhd and Tropicana Inspirasi Impian Sdn Bhd, have signed a memorandum of agreement with Sinohydro Corp (M) Sdn Bhd, a wholly-owned subsidiary of PowerChina.
Tropicana group chief executive officer Lee Han Ming said the partnership with PowerChina showed united commitment towards building a sustainable future and Tropicana's strategic selection of strong partners.
"Our Tropicana team has worked for months to line up this deal, and this collaboration signifies our united commitment towards building a sustainable township," he said in a statement today.
PowerChina is a global powerhouse and a Fortune 500 company with a strong presence in the construction and engineering industry.
"With their expertise and construction financing, we are confident PowerChina will bring Tropicana Paradise to the next level," Lee said.
PowerChina executive vice president Zhou Jiayi said the company is thrilled to be part of this development with a cool climate in the highlands.
"We are confident with our engineering and construction expertise together with Tropicana's master plan, we will certainly build a prominent entertainment and leisure hub of tomorrow at Tropicana Paradise," he said.
The agreement marked the start of a bullish year for Tropicana, as the company continues to gear forward with its vision to bring Tropicana's unique development DNA to Genting Highlands.
Tropicana Paradise is an integrated entertainment hub that offers a total of 1.5 million sq ft of entertainment choices and 1.0 million sq ft of retail options across 15.4ha.
Tropicana Paradise is conceptualised to include modern serviced apartments with an emphasis on smaller one- and two-bedroom units, branded residences, and four-and five-star international brand hotels.