Tropicana Corp Bhd managing director (group finance), Justin Quek says in the pipeline the company will unlock its landbank offering seven new developments with a gross development value (GDV) of over RM2 billion.
Quek said the company will continue to innovate its projects, as it adapts to the market sentiment while staying true to the Tropicana development DNA and ESG commitments.
"The company will continue to unlock its landbank at strategic locations in the Klang Valley, Genting Highlands, Northern Region, and Southern Region," he said.
Overall, Tropicana's total landbank spans 2,091 acres, with a potential GDV of about RM203.7 billion.
According to Quek, Tropicana is recording steady progress backed by its innovative sales and partnership campaigns as well as the gradual recovery of its property investment, recreation, and resort segment.
"We launched many proactive campaigns, such as the Multi-Million Mania, Tropicana Power Up, Tropicana go-go FIT, and Tropicana Journey of a Lifetime...all the campaigns received positive feedback," he said.
The Multi-Million Mania campaign recorded over 5,400 participants and generated RM524.2 million property bookings and RM10.7 million retail sales at Tropicana Gardens Mall.
Quek said the company's recent Tropicana Aman go-go-FIT cycle and Tropicana Nite Run attracted over 1,100 participants and prompted interest in the latest developments such as Hana Residences at Tropicana Aman.
"Overall, we see steady progress and will continue to leverage on these customer-centric campaigns to secure more sales and remain optimistic about the company's long-term prospects," he said in a statement recently.
For the financial period ended Sept 30, 2022, Tropicana recorded revenue of RM756.4 million, which was RM150.4 million or 24.8 per cent higher when compared to the corresponding period in the preceding year.
Quek said the increase in the revenue was mainly attributed to higher progress billings across key projects in the Klang Valley and Southern Region as well as higher sales achieved during the [period under review.
Tropicana's pre-tax loss was RM92 million as compared to a pre-tax loss of RM55.6 million in the corresponding period in the preceding year mainly due to higher general and administrative expenses incurred by the company.
Despite the loss for the period, the company's property investment, recreation, and resort operations have shown a significant improvement in their performance as a result of the reopening of borders for travellers from all countries effective April 1, 2022.
"The company remains optimistic and believes that there will still be demand for properties in prime locations in Tropicana's established, matured, and developing townships, with attractive pricing and innovative ownership packages," said Quek.
Tropicana's unbilled sales stood at RM1.8 billion backed by its unique residential, commercial and resort-themed developments.