TROPICANA Corp Bhd will introduce its maiden residential project in Genting Highlands, Pahang, this year.
It will also launch other developments and phases within the existing Tropicana township, with a combined gross development value (GDV) of more than RM3.2 billion.
Tropicana last year acquired 45.3ha of land in Gohtong Jaya, which is the main township in Genting Highlands, for RM78.3 million.
It said then that it planned to build a resort type development comprising mainly serviced apartments on the site, which is about 3,000 ft above sea level.
Tropicana did not indicate other developments it might build there but the market was expecting a retirement village, food and beverage offerings and hotels.
Gohtong Jaya, which is located on a plateau 5km away from the Genting resort on the peak, is the base area for the Genting Skyway cable car system.
It is also home to several shops, apartments and houses.
Since the10-yearGentingIntegratedTourism Plan was introduced in 2013, Genting Highlands and Gohtong Jaya have seen a number of new developments, such as Ion D’elemen by NCT Group of Co, Midhills by LBS Bina Group, Vista Residences by Fututech Bhd, Windmill Upon Hills by PJ Development Holdings Bhd, and geo38 Residence by Pesat Bumi Sdn Bhd.
It was reported that the ongoing developments are estimated to bring more than 3,000 residential units into the market.
Meanwhile, within Klang Valley, Tropicana plans to launch a mixed development comprising retail lots and serviced apartments at Tropicana Metropark in Subang Jaya, it said in a recent statement when announcing the company’s unaudited financial results for the fourth quarter of last year.
Tropicana will also launch the second phase of shop offices, Triana, and two landed residential phases at Tropicana Aman, Kota Kemuning; the fourth landed residential phase, Lakefield Residences at Tropicana Heights, Kajang; a new phase of serviced apartments and SoHos at Tropicana Gardens, Kota Damansara; and condominiums at Jalan Harapan, Petaling Jaya.
In Johor, the company will launch landed houses, Ayera Residences, at Tropicana Danga Cove and the first landed residential phase at Tropicana Sanctuary.
“All these new developments are expected to contribute positively to the group’s earnings in the coming years,” it said.
For the fourth quarter, Tropicana’s revenue grew 9.2 per cent to RM593.9 million, thanks to the disposal completion of freehold development land in Pekan Country Height for RM143 million.
Pre-tax profit increased 11 per cent to RM131.2 million, helped by the gains from the sale of the development land totalling RM30.1 million, cost saving initiatives and advanced progress made on many of the group’s projects.
Tropicana currently has a landbank of 440.6ha with a total potential GDV of RM46.1 billion.
Looking ahead, Tropicana said it will remain market-driven, adapting to market demands while unlocking value of its landbank in the Klang Valley, Genting and Johor.