Tropicana Corporation Berhad (“Tropicana” or “Group”) 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 successfully redeemed RM139 million in Sukuk due on 8 October 2025, bringing total cumulative payments under the programme to RM1.12 billion.

Image above: Tropicana has a sizeable landbank in the booming Johor market. One of its star developments is the vibrant Lido Waterfront Boulevard fronting the beautiful straits of Johor

This latest redemption underscores Tropicana’s prudent financial stewardship and dedication to meeting its commitments to investors. 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 Gross Development Value (“GDV”) of RM6.5 billion across Malaysia.

An artist’s impression of Skypark Kepler at Lido Waterfront Boulevard Skypark is the first branded residences by Banyan Group in Johor

Tropicana’s balance sheet remains strong, evidenced by a reduction in gross gearing from 0.43 times as of 31 December 2024 to 0.42 times as of 30 June 2025. The Group remains focused on sustaining its growth trajectory through enhanced sales performance, strategic monetisation of landbanks and investment properties, and continued financial optimisation. Reflecting this positive momentum, MARC Ratings revised its outlook on Tropicana to positive from stable with an A rating. This upgrade reflects the Group’s improved balance sheet, driven by successful deleveraging initiatives and asset disposals used to reduce borrowings.

Tropicana Avalon is poised to be the next commercial hub in Genting Highlands, offering stylish residences and retail shops in the popular Gohtong Jaya area

“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.

Tropicana Alam unveiled its 4 brand-new Avisa Residences show units at Puncak Alam, showcasing Premium Green Terraces

The Group continues to gain traction in the market with 10 ongoing and new developments worth an estimated GDV of RM6.5 billion:

1. Varia Shop Offices @ Tropicana Aman, Kota Kemuning

2. Avisa Terrace Homes @ Tropicana Alam, Puncak Alam

3. Premium Green Terraces @ Tropicana Alam, Puncak Alam

4. Breeze Hill Shoppes & Serviced Apartments @ Tropicana Avalon, Genting Highlands

5. Bungalow Lots @ Tropicana Paradise @ Genting Highlands

6. TwinPines Serviced Suites @ Tropicana Grandhill, Genting Highlands

7. Clarissa Serviced Suites & Beachwalk Shoppes, Tropicana Cenang @ Langkawi

8. Skypark Kepler Branded Residences, Lido Waterfront Boulevard (“LIDO”) @ Johor

9. Fraser Heights Terrace Homes, Tropicana Uplands @ Johor

10. Bora Serviced Apartments, Tropicana Danga Bay @ Johor

Tropicana Cenang celebrated another milestone for its award-winning phases 1 & 2 - Assana Serviced Suites and Merissa Serviced Suites, with a Topping Off ceremony

Delivery of Vacant Possession in FY2025 and Q1 FY2026:

1. Hana Residences @ Tropicana Aman, Kota Kemuning

2. Edelweiss Serviced Residences, SOFO & Shoppes @ Tropicana Gardens, Petaling Jaya

3. Assana and Merissa Serviced Suites @ Tropicana Cenang, Langkawi

4. Summit Commercial Hub @ Tropicana Uplands, Johor

Tropicana received 2 more green building certifications this year for Tropicana Miyu and Tropicana Cenang

Over the past few months, Tropicana Group has announced a series of positive developments, including a remarkable 100% take-up rate for 10 of its projects across Malaysia, alongside strategic collaborations with leading international firms aimed at boosting market confidence and sales. Notably, several key developments in the Klang Valley—Tropicana Miyu, Edelweiss Serviced Residences, Freesia Residences, Gemala Residences, Hana Residences, and SouthPlace Residences—have achieved full take-up. Meanwhile, in the northern and southern regions, Assana and Merissa Serviced Suites in Langkawi, as well as Aster Heights and Summit Commercial Hub in Johor, also recorded 100% take-up. Additionally, Avisa Residences at Tropicana Alam, Puncak Alam, surpassed 75% take-up in its phase 1 launch. To meet growing demand, Tropicana Alam introduced its latest Premium Green Terraces and new show units.

Tropicana’s current landbank stands at 1,336.1 acres, with an impressive total potential GDV of RM168.4 billion. Further enhancing its portfolio, the Group recently appointed the world renowned architectural firm Skidmore, Owings & Merrill (“SOM”) to spearhead the transformation of the 163-acre LIDO site. This development is set to become the Group’s most prime asset in Johor, adding significant value. With this strong land portfolio, Tropicana is strategically positioned to unlock substantial value, drive sustained growth, and deliver long term performance over the coming years.

This content is provided by Tropicana Corporation Berhad.

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