Tropicana Corp Bhd has completed the acquisition of a plot of freehold land measuring 84 hectares (ha) next to its Tropicana Grandhill property project in Bentong, Pahang.
Its wholly-owned indirect subsidiary, Tropicana Inspirasi Indah Sdn Bhd (formerly known as Snowflakes Realty Sdn Bhd) last week paid the balance purchase consideration for the acquisition of the land from Emerald Hectares Sdn Bhd.
In a filing with Bursa Malaysia on Friday, Tropicana said that the status for the proposed acquisition of another plot of freehold land measuring about 41.6ha remains unchanged.
Tropicana is buying the other plot of land from Satria Sewira Sdn Bhd for RM178.16 million.
It paid RM224.33 million to acquire the land from Emerald Hectares.
Satria Sewira and Emerald Hectares are both wholly-owned subsidiaries of YTL Land and Development Bhd.
YTL Corp Bhd managing director Datuk Yeoh Seok Kian and YTL Corp executive director Datuk Yeoh Soo Min are the directors of both Satria Sewira and Emerald Hectares.
The two plots of land are situated within a short distance to Awana Genting Highlands Golf and Resort, Genting Highland Premium Outlet, and Awana Skyway and this augurs well for the proposed development of the said land parcels, said Tropicana.
According to the company, there are several successful developments nearby, such as Windmill Upon Hills, Vista Residence, Geo 38, Midhills, and the upcoming Pavilion Genting Highlands project.
Last month Tropicana told the stock exchange it planned to buy the two plots of land to expand its landbank and enhance its property development profile in Genting Highlands.
The company is planning a mixed development on the two plots of land to complement its ongoing Tropicana Grandhill project.
Tropicana Grandhill is a 45.3ha freehold mixed development, which has a potential gross development value (GDV) of up to RM15 billion.
The developer acquired the land for RM78.3 million in 2018.
Tropicana Grandhill comprises residential and commercial properties, a wellness and education centre, and a park.