Petaling Jaya, 27 August 2025 – Tropicana Corporation Berhad (“Tropicana” or “the Group”) reported its unaudited financial results for the half year ended 30 June 2025 (1H FY2025), recording revenue of RM590.5 million despite lower recurring income following the divestment of several investment properties.
Profit before tax came in at RM16 million, compared with RM98.3 million in the corresponding period last year, reflecting the absence of income from divested assets. However, Tropicana’s financial position strengthened, with gross gearing improving to 0.42 times from 0.43 times at end-2024, while unbilled sales stood at RM2.1 billion, providing a comfortable earnings pipeline.
Market Conditions and Outlook
Management noted that the Malaysian property market remains healthy, with the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS) projecting moderate growth of 2%–5% in 2025.
In July, Bank Negara Malaysia cut the Overnight Policy Rate (OPR) by 25 basis points to 2.75%, its first rate cut since May 2023. This move is expected to ease borrowing costs, improving housing affordability and creating a favourable environment for both homebuyers and investors.
Tropicana’s management commented:
“We will continue to strengthen stakeholder engagement and pursue value creation through strategic marketing and sales campaigns. With RM2.1 billion unbilled sales, we are in a strong position to deliver sustainable earnings.”
Ongoing and Upcoming Developments
The Group is advancing a portfolio of ongoing and new projects with a combined GDV of RM6.5 billion, including:
- Varia Shop Offices @ Tropicana Aman (Kota Kemuning)
- Avisa Terrace Homes & Premium Green Terraces @ Tropicana Alam (Puncak Alam)
- Breeze Hill Shoppes & Serviced Apartments @ Tropicana Avalon (Genting Highlands)
- Clarissa Serviced Suites & Beachwalk Shoppes @ Tropicana Cenang (Langkawi)
- Skypark Kepler Branded Residences (LIDO, Johor)
- Fraser Heights Terrace Homes @ Tropicana Uplands (Johor)
- Bora Serviced Apartments @ Tropicana Danga Bay (Johor)
Upcoming vacant possession handovers in Q4 FY2025 and Q1 FY2026 include Hana Residences at Tropicana Aman, Edelweiss Serviced Residences at Tropicana Gardens, Assana and Merissa Serviced Suites at Tropicana Cenang, and Summit Commercial Hub at Tropicana Uplands.
Sales Momentum and Strategic Partnerships
Tropicana achieved 100% take-up rates for 10 developments, including Tropicana Miyu, Edelweiss, Freesia, Gemala, Hana, and SouthPlace Residences in the Klang Valley; Assana and Merissa Serviced Suites in Langkawi; and Aster Heights and Summit Commercial Hub in Johor.
The Group also reported strong demand for Avisa Residences at Tropicana Alam (75% take-up for phase one), prompting the launch of its Premium Green Terraces.
Recent milestones include the successful redemption of RM123.5 million Sukuk Wakalah, further strengthening Tropicana’s balance sheet.
Robust Landbank and Future Growth
As of June 2025, Tropicana holds a landbank of 1,336.1 acres with a potential GDV of RM168.4 billion. A major highlight is the 163-acre Lido Waterfront Boulevard (“LIDO”) in Johor, where world-renowned architectural firm Skidmore, Owings & Merrill (SOM) has been appointed to lead its transformation.
This places LIDO as Tropicana’s flagship asset, underscoring the Group’s long-term growth strategy and positioning it to unlock significant shareholder value.
