Tropicana Corporation Berhad (“Tropicana” or “the Group”) announced the successful issuance of another Sukuk Wakalah amounting to RM300 million in nominal value under its Islamic Medium-Term Notes (“IMTN”) Sukuk Wakalah Programme. The RM300 million Tranche 4 Sukuk Wakalah, launched under the 2024 IMTN Programme, was upsized from RM200 million following robust investor demand and was oversubscribed, with a significant portion taken up by government-linked institutional investors.

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 issuance aligns with the Group’s ongoing strategy to optimise financial management while advancing its strategic growth initiatives. The proceeds from this sukuk will be channelled towards funding key projects across Tropicana’s strategic townships in Malaysia, supporting the Group’s continued expansion in the coming year.

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

Earlier on October 2025, the Group announced that it has fulfilled its payment obligations of RM139 million, a Tranche 4 payment under its RM1.5 billion IMTN programme introduced in 2020, bringing total cumulative payments under the programme to RM1.12 billion. These redemptions underscore Tropicana’s prudent financial stewardship and dedication to meeting its commitments to investors.

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, while unbilled sales remain robust at 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.

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

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.

“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. 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

5. Umara Shop Offices, Tropicana Aman @ Kota Kemuning

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

Tropicana’s current landbank stands at 1,336.1 acres, with a total potential GDV of RM168.4 billion. 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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