Tropicana To Launch New Township in Genting Highland
The main highlight of Tropicana Corp Bhd in 2020 will be the introduction of new projects and phases across its iconic Tropicana townships with a gross development value (GDV) greater than RM2 billion.
Tropicana Grandhill, which is located 1.800 m high on the edge of Mount Ou Kali on the border between Pahang and Selangor, will be launched by the developer.
In 2018, it purchased 45.3 ha of land for RM78.3 million at Gohtong Jaya. The township has a potential gross value for growth (GDV) of RM15 billion. Tropicana said Tropicana Grandhill is set to launch a new pattern in natural and health-centered resort lifestyle living in the highlands based on the master plan. Tropicana Grandhill will feature private, business, leisure, education, and park services.
The first phase is the TwinPines Suites, which have over 1,400 rooms. Tropicana will also launch a mixed construction Shoppes & Residences (South), which includes retail lots and serviced apartments in Tropicana. In Subang Hi-Tech Industrial Park, the 35.4 ha integrated development sits on prime freehold land. Tropicana acquired the land for RM385.5 million in 2011 and has already started a few stages of development, such as Pandora, Paloma and Paisley.
Other upcoming launches include new landed residential phases at Tropicana Aman, Kota Kemuning; the sixth residential and commercial phase at Tropicana Heights, Kajang; Tropicana Miyu condominiums at Jalan Harapan, Petaling Jaya; and shop offices at Gelang Patah, Johor, it said in a statement.
Tropicana said that looking ahead, it will continue to focus on market-driven products and unlock its landbank’s value from strategic locations in Klang Valley, Genting Highlands and the Southern region.
The group, owned by tycoon Tan Sri Danny Tan Chee Sing, concluded its corporate exercise in November 2019 and its landbank expanded to approximately 700 ha with a total potential GDV of RM61.5 billion, along with the joint development agreements for 494 ha of land with a potential GDV of RM4.8 billion.
Though the local property market is expected to be challenging in the short term, Tropicana says the group believes that the government will continue to provide funding for home ownership. “Even with this backdrop, the group believes there will still be demand for properties with competitive pricing at prime locations,” it said.