Tropicana entered into two successful partnerships. First with Maybank Islamic for Maybank Islamic’s HouzKEY to provide hasslefree home financing solutions for new home buyers. Concurrently, Tropicana Metropark entered into a partnership with IKEA Malaysia as the first developer o ering attractive furnishing packages for existing Maybank Islamic’s HouzKEY and SouthPlace 1 property owners. Video of Tropicana x Maybank Houzkey Signing Ceremony 2024: https://www.youtube.com/watch?v=ypFwuqxrfDo 23 APR The final phase of Tropicana Gardens integrated development is the Edelweiss Serviced Residences, SOFO and Shoppes. Tropicana Gardens introduced its commercial component, Edelweiss Shoppes with only 38 units promising a versatile commercial space. 06 MAY 18 ANNUAL REPORT 2024
Tropicana hosted an electrifying event, bringing the community together at Tropicana Alam, Puncak Alam with an “Ikatan Merentasi Generasi” Flash Raya Concert 2024. In collaboration with Warner Music Malaysia and o cial radio partners – Hot FM and Kool 101, the concert featured a stellar lineup of notable Malaysian musical artists such as Anuar Zain, Dayang Nurfaizah, Andi Bernadee, Syamel, Tuju, Bunga and Masdo, attracting 5,000 strong crowd. 27 APR 19 GROUP OVERVIEW
The Urban Park at Tropicana Metropark was home to Lai, Bazaar 1.0 and the Yum Yum Food & Lifestyle Fair, attracting more than 30,000 visitors. There were plenty of pet products on sale, with a wide variety of delicious F&B stalls catering to both pets and humans, as well as opportunities for bonding moments with fellow pet enthusiasts. Video of Lai Bazaar: https://www.facebook.com/reel/1594480591397374 Video of Yum Yum Food & Lifestyle Fair: https://www.facebook.com/reel/799134268883375 17 19 MAY ÿ 20 ANNUAL REPORT 2024
Tropicana redeemed the third tranche of the Sukuk Wakalah Programme worth RM110 million reflecting the Groups prudent financial management and commitment to fulfilling its obligations to investors. 10 JUN Tropicana recorded a revenue of RM291.3 million which was RM34.5 million or 13.5% higher when compared to the corresponding quarter in the preceding year. The Group’s Q1 2024 profit before tax (“PBT”) increased to RM22.3 million and balance sheet continues to strengthen, with gross gearing level reduced from 0.74 times in FY2023 to 0.68 times as of 31 March 2024. 30 MAY Tropicana Golf & Country Resort teamed up with Unique Seafood Group of Restaurants and opened a new premium pork-free Chinese seafood restaurant called Atlantic Seafood Restaurant. This new restaurant possesses a grand restaurant space of 9,600 sq ft which can fit up to 210 pax while o ering 5 elegant VIP rooms that are each fitted with an immersive KTV experience. Video of Unique Seafood Grand Opening: https://www.youtube.com/watch?v=EeeL0sZqBGU 15 MAY 21 GROUP OVERVIEW
Tropicana partnered with Maybank o ering the MyDeco financing scheme providing up to 120% in financing or RM250,000, for homeowners to design their dream home. Video of Maybank Partnership: https://www.youtube.com/watch?v=zHV3JchbMZg 27 JUN Tropicana and Samsung Malaysia Electronics forged a partnership paving their way into the future of sustainable living through AIoT. This collaboration will provide Tropicana property buyers the benefit of Samsung AI home appliances, including refrigerators, washers, air conditioners and vacuums, while Tropicana stays on trend in reaching its ESG goals and build sustainable communities. Video of Sustainable Partnership: https://www.youtube.com/watch?v=3ZBCui5j2ho 13 JUN 22 ANNUAL REPORT 2024
Q3 Tropicana Aman welcomed 198 proud homeowners to Freesia Residences, marking the timely handover of this fully sold-out lakeside development. This development also recorded a high Quality Assessment System in Construction (“QLASSIC”) score of 81%. Video of Freesia Residences Handover: https://www.youtube.com/watch?v=wA4eFyDVm8g Tropicana Indah Sdn Bhd, an indirect 70%-owned subsidiary of Tropicana signed a sale & purchase agreement with IOI Mall Damansara Sdn Bhd, a whollyowned subsidiary of IOI Properties Group Berhad (“IOIPG”), for the sale of Tropicana Gardens Mall for a total consideration of RM680 million. 05 JUL 23 JUL 23 GROUP OVERVIEW
Tropicana Foundation acquired donations of soft furnishings from a hotelier and donated the lamps and curtains to two orphanages, namely Pusat Jagaan Kasih Harapan and Rumah Sentuhan Budi. Tai Thong celebrated 40 years of mooncake excellence with its Ruby Jubilee Set, marking a milestone for this beloved homegrown brand. In celebration of this milestone, Tai Thong also donated their delicious mooncakes to Tropicana’s ESG OFFLINE 16 event which took place on 17 August 2024. 02 AUG 05 AUG 24 ANNUAL REPORT 2024
Tropicana and VitaHealth, an Australian wellness company, jointly hosted the longest & record-breaking OFFLINE 16 event at TGCR that attracted 300 participants, including 22 children from two homes. This 16-hour mental wellness event is aligned with both corporations’ ESG commitments to the community, paying homage to World Mental Health Day by the World Health Organization. This ESG event received an o cial certification from the Malaysia Book of Record. 19 AUG 25 GROUP OVERVIEW
Tropicana Aman celebrated the 7 months early handover of vacant possession to 116 happy homeowners of Gemala Residences. The 11th phase – Gemala Residences also achieved an impressive QLASSIC score of 80%. Video of Gemala Residences Handover: https://www.youtube.com/watch?v=B7clak5Olbo 23 AUG 26 ANNUAL REPORT 2024
Tropicana Firstwide signed a RM383 million SPA with NTT Data Group for 68.457 acres of freehold land in Gelang Patah, Johor Bahru, supporting Malaysia’s growing digital economy with infrastructure for data centers. Video of Tropicana’s Strategic Growth Plan in Johor https://www.youtube.com/watch?v=Db3XcKs-ics Tropicana reported a higher Q2 profit before tax of RM76.1 million. The higher profit generated and the reduction in gearing have strengthened the Group’s financial position, improving the gross gearing ratio to 0.65 times as of 30 June 2024. 26 AUG 29 AUG 27 GROUP OVERVIEW
Tropicana inked a MOU with GreenRE to pledge a long-term partnership for its future developments. This MOU demonstrated Tropicana’s commitment to sustainable practices and green building excellence. GreenRE, a green building certification body formed by Malaysia’s Real Estate and Housing Developers’ Association (“REHDA”) that promotes sustainability in Malaysia’s property industry. Video of Tropicana & GreenRE inked green building MOU https://www.youtube.com/watch?v=tsd9w4xNExI 03 SEP 28 ANNUAL REPORT 2024
Tropicana won Gold at The Star’s ESG Positive Impact Awards 2024 in the Environmental Category under the Responsible Consumption & Production Division. The award recognises businesses that embrace and achieve outstanding sustainable business practices and demonstrate a long-term commitment to responsible consumption and production during property development stages. 09 SEP Tropicana continues its digital journey by expanding its T360 digital platform. T360 unveiled its new website – www.T360.com. my designed as a one-stop hub for Tropicana lifestyle, merchants, magazine and loyalty programme. 09 SEP 29 GROUP OVERVIEW
Q4 Tropicana Gardens celebrated the topping off of Edelweiss Serviced Residences, SOFO, and Shoppes. This ceremony denotes the progress for Edelweiss, a GreenRE Silver rating building. The residential component achieved 100% take-up, and the Shoppes achieved more than 60% take-up. Tropicana Metropark raised the bar for home ownership with an exclusive partnership with The Makeover Guys, home renovation expert. Limited up to only 50 units, purchasers will enjoy a seamless home ownership experience at an unbeatable value o ering – three themes of designer furnished packages at SouthPlace 2, Tropicana Metropark, Subang Jaya. Tropicana Firstwide sold 38.527 acres of land for RM240 million to Computility Technology continuing Tropicana’s growth and expansion in Johor. 03 OCT 11 OCT 09 OCT 30 ANNUAL REPORT 2024
For the past three years, Tropicana Foundation has extended its support to the welfare of animals through its Furry Friends Programme. The Foundation teamed up with 4 corporations – Capri by Fraser, DF Petrition, Tropicana Golf & Country Resort and Tropicana Corporation Berhad and reached out to SPCA Selangor. Donated cash, pet food supplies as well as volunteer services in keeping the SPCA compound clean, and all 120 cats and dogs groomed. Video of Tropicana x Capri x SPCA 3rd Annual Furry Friends Program: https://www.youtube.com/watch?v=oPdnvKimXDc 23 OCT 31 GROUP OVERVIEW
Tropicana introduced its first signature township in Puncak Alam, Tropicana Alam. This 362-acre integrated development o ers 8 lifestyle and commercial components. The township unveiled the Avisa Residences first phase modern terrace show units while celebrating the 70% take-up of its 431 units within the first 7 months. In line with Tropicana’s ESG commitments, Tropicana donated to The National Autism Society of Malaysia (“NASOM”) and Permuafakatan Persatuan Penduduk Puncak Alam as well as planted 5 trees (out of 1,549 trees) in one of the compounds within the 4.5-acre park to kickstart its green living pledge. Video of Avisa Residences’ Show Unit Grand Opening & Ria Ria Thai Bazaar: https://www.youtube.com/watch?v=FjSspSiaFyY 26 OCT 32 ANNUAL REPORT 2024
Property Guru Asia Awards Malaysia bestowed the People’s Choice Award for the Top 10 Developers in Malaysia to Tropicana, a testatement to Tropicana’s ongoing commitment to excellence. Edelweiss Serviced Residences, SOFO and Shoppes and Recircle, hosted an ESG Recycling Collection event collecting 173 kgs of e-waste and paper. 12 NOV 23 NOV Tropicana unveiled its latest crown jewel in Johor – the 163-acre Lido Waterfront Boulevard. This freehold mixed development is poised to be the future of modern living, o ering the best of both worlds – excellent connectivity and sustainable smart city living. To mark the start of this development, Tropicana hosted an o cial groundbreaking ceremony with its main contractor, CSCEC for its first phase branded residence with Banyan Group, the Skypark Kepler. 30 OCT 33 GROUP OVERVIEW
Tropicana reported a revenue of RM877.8 million for the third quarter ending 30 September 2024. Excluding the one-o losses from the disposal of investment property and development land, Tropicana would have recorded a higher profit before tax (“PBT”) of RM38.9 million, a jump of 46.7% against the preceding year of RM26.6 million. Tropicana Uplands hosted a soft launch event to introduce Fraser Heights, its latest landed residential phase. The event attracted more than 1,000 visitors and keen registrants. 27 NOV 02 DEC 34 ANNUAL REPORT 2024
Tropicana Aman is named the Best Housing Masterplan in Malaysia at the FIABCI Malaysia Property Award 2024. This is a pinnacle achievement for Tropicana Aman, a resort-style, communityfocused township located on 863 acres of premium land in Kota Kemuning. The award not only recognises the meticulous planning and innovative concept behind the township but also validates Tropicana’s commitment to creating harmonious and eco-conscious communities. 06 DEC 35 GROUP OVERVIEW
Tropicana Foundation’s Season of Joy & Giving campaign raised more than RM220,000 worth of perishable and non-perishable items which was distributed to 11 associations across Klang Valley reaching more than 400 community members. Tropicana Foundation has been running this fundraising campaign to promote and instil the ‘Art of Caring’. A finale event was held for 120 guests from 11 homes, welcoming orphanages, the disabled and old folks at TGCR where they were treated to good food, entertainment as well as donation giveaways. Participating sponsors are Tropicana Corporation Berhad, Tropicana Golf & Country Resort, WoW Media, VitaHealth, Thai Odyssey, OSK Bank, Guardian Malaysia, Big Bad Wolf, as well as the employees of Tropicana for their valuable support and generous donations. Video of Embracing the Spirit of Christmas, Tropicana Foundation supports 11 homes and 400 community members!: https://www.youtube.com/watch?v=X3j0RB3joHQ 07 DEC 36 ANNUAL REPORT 2024
Closing the year on a high note, Tropicana inked an agreement with 3 global brands – Banyan Group, Samsung and Kohler to develop the stylish Skypark Kepler, a freehold branded residence located at the coastal jewel of Johor. O ering comprehensive conveniences and smart city living, this landmark development represents the inaugural collaboration with Banyan Group and partners Samsung and Kohler, which will provide premium fittings and finishes, including smart appliances and sanitary wares. 10 DEC 37 GROUP OVERVIEW
SIGNIFICANT MILESTONES 1979 1992 2010 - 2011 2012 2013 2015 2013-2017 2020 • Incorporation of Tropicana Group and the brand has since grown to become a household name in Malaysia • Partnered with Iskandar Waterfront Sdn Bhd to build a 37-acre mixed development known as Tropicana Danga Bay, Johor • Signed a JV agreement with Ivory Properties Group to build the 10 Island Resort condominiums on the prime 3-acre land in Batu Ferringhi, Penang • Signed a strategic agreement with Starwood Hotels & Resorts Worldwide to build the first fivestar W Kuala Lumpur Hotel on the prime 1.3-acre land in KLCC • Signed a JV agreement with Ivory Properties Group Berhad to develop 102-acre of Penang World City mixed development in Bayan Mutiara, Penang • Partnered with Iskandar Waterfront Sdn Bhd to develop 227-acre of Tropicana Danga Cove mixed development in Johor • Accomplished the Tropicana amalgamation exercise and consolidated all properties and investment activities into Tropicana Group • Achieved record revenue of RM1.48 billion and record sales of RM2.16 billion • Rebranded and aligned its name from Dijaya Corporation Berhad to Tropicana Corporation Berhad • Signed a strategic partnership with Marriott International to develop Courtyard by Marriott, the first Courtyard Hotel in Malaysia. The hotel is part of the 2.1-acre Tropicana 218 Macalister in Penang • Signed an agreement with GEMS Education to develop a school campus in Tropicana Metropark, Subang Jaya • Launched Arahsia Residences, the first phase development of the 863-acre township at Tropicana Aman, Kota Kemuning, a JV project with MBI Incorporated • Signed an agreement with Tenby Schools to develop an international school campus in Tropicana Aman, Kota Kemuning • Won over 50 prestigious awards from 2013 to 2017. Honoured as one of the Top Ten Property Developers at The Edge Property Excellence Award 2017 and continued to gain recognition from various reputable awards • Rolled out its first digital campaign – Just Bid It in 2016. Tropicana reached out to the younger audience and first home buyers by allowing participants to bid for the units they wanted while earning daily tickets for ra es • Tropicana 10-TEN digital campaign achieved record bookings of RM899 million • Re-activated Tropicana Foundation initiative and won multiple CSR awards • Signed a JV with Temokin Development Sdn Bhd to develop the 2.8-acre Tropicana Miyu condominium at Seksyen 17, Petaling Jaya • Listed on the Main Market of Bursa Malaysia Securities Berhad • Pioneered the resort-themed 625acre township, Tropicana Golf & Country Resort (“TGCR”) 1996 - 2009 • Signed a strategic partnership with Perbadanan Kemajuan Negeri Selangor (“PKNS”) to develop a 405-acre township at Tropicana Indah Resort Homes (“TIRH”) • Unveiled the 9-acre Tropicana City integrated development, now renamed to 3 Damansara • Amassed over 1,000-acre of premium landbank in Petaling Jaya, TGCR and TIRH and received many accolades including FIABCI and The Edge Property Developers Awards 2014 • Signed a JV with HK-listed Agile Property Holdings Ltd to develop the 3.8-acre Agile Bukit Bintang at Kuala Lumpur • Groundbreaking ceremony of St Joseph’s Institution International School Malaysia (Tropicana PJ Campus), Tropicana’s first education investment 38 ANNUAL REPORT 2024
2021 2022-2023 2024 • Tropicana 10-TEN digital campaign achieved record bookings of RM899 million • Re-activated our Tropicana Foundation initiative and won multiple CSR awards • Tropicana Foundation reached out to more than 20,000 underprivileged community members during the MCO period • Launched the most comprehensive developer app in Malaysia – Tropicana 360 App • Unveiled new revamped Tropicana corporate website and Tropicana Experiential Hall • Rolled out Tropicana T.Living, “Your Home, Your Choice”, the first bespoke home personalisation series • Tropicana achieved 100% vaccination goal for employees across its eco-system • Tropicana Gardens Mall Convention Centre was one of the large vaccination centres for the Program Vaksin Selangor and provided immunity jab to more than 500,000 citizens • Launched Tropicana Journey Collection: Tropicana Grandhill and Tropicana Cenang, a holiday homes series • Rolled out many strategic campaigns to spur sales and interests such as Multi-Million Mania, Home Step Fast/i, go-goFIT, Prosperity Instant Ang Pau, Journey of a Lifetime, Power Up, Lucky Ang Pau, TropiQuest Campaigns • Achieved property sales of RM1.3 billion in 2022 and 2023 • Rolled out a series of festive brand films, reaching out to local and international buyers • Reintroduced an improved version of its loyalty programme, T Privilege which is also a plug in to the Tropicana 360 mobile app • Tropicana earned global recognition with International • Hosted 32 events from the largest Pingmin market to the Flash Raya Concert and organised mental wellness event O ine 16. • Participated in 22 roadshows across Malaysia and Singapore. • Circulated 50 press releases to media members across Malaysia and Singapore covering all aspects of news announcements from property launches, financial results, signing ceremonies to CSR and ESG initiatives as well as brand collaborations. • Celebrated Tropicana’s 45th Anniversary, commemorated To discover more, please scan the QR code with a gala dinner themed 45 Years of Building Excellence with all our business partners, media members, bankers and vendors. • Organised 5 campaigns such as FL45H Deals, Maybank MyDeco financing solutions and The Makeover Guys. • Delivered 5 Vacant Possessions for Gemala Residences, Freesia Residences, Aster Heights, Tropicana Miyu Condominium and SouthPlace Residences & Shoppes. • Formed 8 Partnerships with global brands such as Banyan Group, Samsung, Kohler, Maybank, Makeover Guys, GreenRE, Ikea and VitaHealth. • Developed/Participated in 9 ESG Programs and won Gold at The Star’s ESG Positive Impact Awards 2024. • Hosted 19 CSR Events such as the Raya outreach initiative for the underprivileged community, Mental wellness day O ine 16 and the Season of Joy & Giving donation drive. • Received 12 Awards from awards such as Best Apartment/Condominium Asia Pacific and Best A ordable Housing/Landed Development in Asia to the People’s Choice Award – Top 10 Developers. • Raised RM56 million in donations through donation drives and CSR campaigns and initiatives. • Closed the Johor land sale successfully for RM383 million to NTT Data Group and RM240 million land deal with Z Data Group. • High take-up announcement for Edelweiss Serviced Residences at Tropicana Gardens, Fraser Heights at Tropicana Uplands and Avisa Residences at Tropicana Alam. • Notably, Tropicana unveiled its first township, the 362-acre Tropicana Alam, in Puncak Alam. 5-Star Award in best Mixed use Development Malaysia category at the International Property Awards 2022-2023 held in the United Kingdom • Tropicana honoured at The Edge Malaysia Property Excellence, FIABCI Malaysia Chapter Awards and continued to win more than 20 prestigious awards from 2022 to 2023 • Tropicana Seasons of Joy & Giving charity drive was a great success, raising more than RM100,000 in cash and products donations • Superheroes descended on Tropicana Gardens Mall for the largest “The World of DC Exhibition” in Asia • Reinforced its ESG commitments by introducing 3 Pillars – People, Planet & Partnerships 39 GROUP OVERVIEW
OUR COMMITMENT TO EXCELLENCE MALAYSIA LANDSCAPE ARCHITECTURE AWARDS 2024 • Best Client Award 2024 THE STAR’S ESG POSITIVE IMPACT AWARDS 2024 • Gold in the Environmental Category under the Responsible Consumption & Production Division STARPROPERTY AWARDS 2024 • Holiday Home Award - Best Vacation Property Development: TwinPines Serviced Suites, Tropicana Grandhill • The Family Friendly Award - Best Family Centric Development: Avisa Residences, Tropicana Alam • Best Estate Awards - Best Commercial Development: Umara 2&3-Storey Shop O ces, Tropicana Aman FIABCI MALAYSIA PROPERTY AWARD 2024 • Housing Master Plan: Tropicana Aman PROPERTYGURU ASIA AWARDS MALAYSIA 2024 WITH IPROPERTY • Best Mass Market Landed Development in Central Malaysia: Avisa Residences, Tropicana Alam • People’s Choice Award – Top 10 Developers: Tropicana Corporation Berhad PROPERTYGURU ASIA PACIFIC PROPERTY AWARDS 2024 • Best A ordable Housing/Landed Development (Best of the Best in Asia): Avisa Residences, Tropicana Alam INTERNATIONAL PROPERTY (ASIA PACIFIC) AWARDS 2024 – 2025 • Development Marketing Category: Hana Residences, Tropicana Aman INTERNATIONAL PROPERTY (ASIA PACIFIC) AWARDS 2023 – 2024 • Best Apartment/Condominium for Asia Pacific: Tropicana Cenang PUTRA ARIA BRAND AWARDS 2024 • People’s Choice Award - Gold in Property Development Division Tropicana group continues to drive momentum and traction, gaining accolades and awards from peers and reputable organisations. Looking forward, we continue to strive for excellence and delivering sustainable results. For more information on our awards, please scan the QR code 40 ANNUAL REPORT 2024
ART OF ENGAGEMENT While connectivity serves as the foundation for growth, digitisation acts as a driving force for the company to propel forward. 42 Management Discussion & Analysis 44 Overview & Market Outlook 50 Our Key Priorities 51 Market Traction & Future Growth 52 The Tropicana Journey & Market Traction 58 Expanding Our Foothold 60 Upcoming Developments 63 Ongoing Developments 69 Investment Properties 70 Appreciation 71 Performance at a Glance 73 Financial Highlights & Insights 75 Value Added Statement 76 Financial Calendar 77 Our Value Creation 79 Our Capitals & Business Model 82 Our Operating Evnironment 83 Investor Relations 85 Quality Commitment 86 Quality Finish 02 MANAGEMENT DISCUSSION & ANALYSIS
2024 saw Tropicana Corporation Berhad (“Tropicana” or “Group”) reinforce its presence with key developments across Malaysia, especially at property hotspots in the Klang Valley, Genting Highlands, as well as the Northern and Southern regions. As we chart our path forward, we remain committed to achieving long-term, sustainable returns while staying alert to the opportunities and challenges ahead. Our focus will be on future-proofing our businesses through continuous stakeholder engagement and value creation as well as establishing MANAGEMENT DISCUSSION & ANALYSIS strategic marketing and sales campaigns across our online and o ine platforms. Our mission is to transform Tropicana into a future-ready property group with a strong purpose of sustainable growth, centred around our development DNAs and ESG commitments. In this Management Discussion & Analysis, we examine current market conditions, report our financial performance, rea rm our key priorities, and share the Group’s current and future road map. Tropicana unveils its first luxurious and branded residence, the Skypark Kepler by the world-renowned Banyan Group in Lido Waterfront Boulevard, Johor 42 ANNUAL REPORT 2024
OVERVIEW & MARKET OUTLOOK On 24 March 2025, Bank Negara Malaysia (“BNM”) reported that the Malaysian economy is projected to grow between 4.5% and 5.5% in 2025. This growth will be driven by sustained domestic demand, despite heightened external uncertainties that could lead to a more moderate expansion of exports. While uncertainties remain on the global horizon, Malaysia’s diversified economic structure and a wide array of policy tools will drive resilience and agility to navigate these headwinds. Overall, the Malaysian economy will remain on a steady growth path and continue its pursuit of key structural reforms to ensure sustainable growth for the years to come. On the property front, Malaysia’s property market sees a more vibrant year ahead, experiencing positive growth across all sectors. According to the recent property summit held on 20 February 2025, speakers at the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (“PEPS”) 44 ANNUAL REPORT 2024
17th Malaysian Property Summit (“17MPS”) expected the Malaysian property market to maintain steady growth in 2025. This is attributed to the country’s strategic location, cultural richness, supportive government policies and initiatives, key infrastructure projects and transformative developments, which continue to attract both investors and homeowners. Furthermore, on 6 March 2025, Bank Negara Malaysia announced that the Overnight Policy Rate (“OPR”) would be maintained at 3%, citing an outlook of continued global and domestic growth, despite tari and geopolitical uncertainties from major economies, and manageable inflation. At this current OPR level, the monetary policy stance remains supportive of the economy, creating a favourable environment for both homebuyers and investors, which in turn makes homeownership more accessible. Following the recent launch of the National Property Information Centre’s (“Napic”) Property Market Report 2024, The Real Estate and Housing Developers’ Association (“Rehda”) Malaysia expressed its positive outlook on the local property market backed by Malaysia’s property transaction volume and value last year reached their highest levels in a decade. The number of property transactions rose by 5.4% to 420,545 in 2024, with transaction value climbing 18% to RM232.3 billion, up from 399,008 transactions worth RM196.8 billion in 2023. The increase in volume and value, was across the three main segments – namely residential, commercial and industry – with commercial leading. Analysts are optimistic about Malaysia’s property sector, forecasting strong capital inflows and renewed buying interest as global interest rates begin to decline, with the expectation that the property market should maintain its positive momentum after posting its best growth in value and volume over the past ten years in 2024. Tropicana continues to make significant strides in the development of its 596-acre Tropicana WindCity in Genting Highlands, Pahang. On March 2025, the Group hosted a groundbreaking ceremony, introducing its latest integrated development called Tropicana Avalon. The modern Breeze Hill Shoppes and Service Apartments is the first phase of Tropicana Avalon, marking Tropicana’s good progress in the Genting Highlands region 45 MANAGEMENT DISCUSSION & ANALYSIS
In summary, the key drivers for Malaysia property market growth are: 1. Infrastructure Projects Major infrastructure projects like the East Coast Rail Line (“ECRL”) and Johor-Singapore Rapid Transit System (“RTS”) Link are expected to create hotspots and boost investments, particularly in Johor. In Klang Valley, MRT2 [Putrajaya Line] and MRT3 [Circle Line)] are part of the Klang Valley Mass Rapid Transit (“MRT”) project, which will connect with existing MRT, LRT, KTM, and Monorail lines at 10 key interchange stations. Not to mention, the TransitOriented Developments (“TOD”) are highly sought after by investors and owner-occupiers due to their connectivity, convenience and e ciency. 2. Economic Stability & Partnership A projected GDP growth of 4.5% and 5.5% in 2025 and a stable employment growth rate contribute to a positive outlook for the property market. The Johor-Singapore Special Economic Zone (“JS-SEZ”) is expected to boost investments, particularly in Johor, drawing more foreign direct investment (“FDI”) and stimulating the commercial property market. Johor Bahru is fast becoming the investment hub in Malaysia, attracting many corporations and property players ANNUAL REPORT 2024 46
3. Government Initiatives Government policies and budget allocations, including the Housing Credit Guarantee Scheme (“HCGS”) and exemption of stamp duties for first-time homebuyers, Step Up Financing Scheme and personal income tax relief are expected to provide a boost to the property sector. The Visit Malaysia Year 2026 campaign is expected to benefit the leisure sector, especially holiday destinations and vacation homes. The Malaysia My Second Home (“MM2H”) programme, which is lauded as one of Asia’s most attractive retirement or long-stay visa programmes, is regaining its appeal among foreigners under a revised scheme that saw more relaxed financial requirements. 4. Digitalisation The further digitalisation of the property industry and national infrastructural enhancements are also seen as contributing factors to the positive momentum, with smart city initiatives, digital property management platforms, and advancements in IoT, high-speed internet, and smart building technologies driving e ciency and innovation that attracts local and international buyers. 5. Transformative Developments Transformative developments around Tun Razak Exchange (“TRX”) and Menara 118 were rolled out last year, reinforcing Klang Valley’s position as a premier economic hub and investment destination. The property market in 2025 is expected to grow steadily this year, building on the positive momentum from 2024, with strong performance across various sectors, as stated above. The RTS Link set for completion by December next year, and frequent travellers are looking forward to a smoother journey between Johor and Singapore 47 MANAGEMENT DISCUSSION & ANALYSIS
FUTURE PROOFING OUR BUSINESS 2024 was not without hurdles. Global market volatility, geopolitical risks and inflationary pressures posed significant challenges, but Tropicana’s robust development and marketing strategy, coupled with its diversified investments as well as assets monetisation, ensured sustainable growth. The year 2024 could be best termed as an agile and resilient year for the Group. To continue the growth momentum and to future-proof its businesses, Tropicana will continue to strengthen its stakeholder engagements, focusing on value creation as well as establishing strategic marketing and sales campaigns across its online and o ine platforms. Our townships and operations are centred around our development DNAs and ESG commitments. We will also continue to unlock the value of our landbank through our ongoing strategic divestment plans as well as cost rationalisation exercises aimed at improving the Group’s financial position. The Group believes that the demand for properties in prime locations in Tropicana’s established, mature and developing townships will persist, with attractive pricing and various promotional packages. Further, the Group expects improved sales, especially for its properties in Johor, as a result of the recently signed definitive agreement in relation to the JS-SEZ, RTS link, as well as the positive growth e ects from the possible resuscitation of the High-Speed Rail project. Premised on the expected demand, the Group will continue to launch its properties at strategic locations across the Klang Valley, Genting Highlands and the Northern and Southern Regions. Moving forward, the Group will also continue to launch new phases in its established townships, namely Tropicana Paradise, Tropicana Avalon, Tropicana Cenang, Lido Waterfront Boulevard, Tropicana Uplands and Tropicana Danga Bay. The Group will continue to leverage on its various sales initiatives and marketing campaigns to secure more sales, remaining positive and confident on the long-term prospects of its property development business. At Langkawi, Tropicana Cenang o ers three signature developments, namely Assana Serviced Suites, Merissa Serviced Suites and Clarissa Serviced Suites & Beachwalk Shoppes. All three developments are located at the prime seafront site with direct access to the popular Cenang beach 48 ANNUAL REPORT 2024
For the financial year ended 31 December 2024 (“FY2024”), the Group recorded a revenue of RM1.4 billion, which was RM85.5 million or 5.7% lower when compared to the preceding year. The decrease in revenue for the current financial year was mainly due to the completion of divestments of several investment properties. The Group recorded a loss before tax (“LBT”) of RM117.1 million and a loss attributable to owners of the parent of RM208.5 million in FY2024 mainly due to the recognition of one-o losses arising from the disposal of an investment property for a consideration of RM680 million. Excluding this disposal, the Group would have recorded a profit before tax (“PBT”) of RM137.4 million, a significant improvement compared to the LBT of RM100 million in the preceding year. Tropicana’s ongoing initiatives to monetise its landbank and investment property, as well as its cost rationalisation exercise, are aimed at improving the Group’s financial position. Tropicana’s property sales hit almost RM1 billion while its balance sheet continues to strengthen, with the gross gearing level reduced from 0.54 times as of 31 December 2023 to 0.43 times as of 31 December 2024. In FY2024, the Group completed and delivered vacant possession for 5 projects across Klang Valley and the Southern, which has also contributed to the Group’s improved financial performance. The Group’s unbilled sales stand at RM2.2 billion, placing the Company in a comfortable position to deliver sustainable earnings. With our high unbilled sales and strategic properties across Malaysia, we enter 2025 in a position of strength and optimism. As a community planner, we will continue to connect communities, forge better futures while delivering sustainable growth. 49 MANAGEMENT DISCUSSION & ANALYSIS
CONNECTING COMMUNITIES, FORGING FUTURES We will continue to strengthen our key priorities and strategies as we honour our commitment to our shareholders while staying true to our aspirations. In the pursuit to achieve our Vision and Mission, we will continue to Redefine the Art of Living in our quest to Connect Communities and Forge Sustainable Futures. OUR KEY PRIORITIES Increase cash flow, strengthen financial position, and lower net gearing Speed to market, e ective M&S campaigns, timely launches and delivery of vacant possession Leverage AI to improve customer engagement and satisfaction Emphasis on ESG commitments and framework Optimise construction and operating costs Acquire quality landbank and monetise on investments ANNUAL REPORT 2024 50
MEASURING OUR PROGRESS At the heart of Tropicana is its 6 key priorities stemming from the Group9s vision to be a leading real estate corporation, which is designed to advance the Malaysian property sector into the next phase of economic transformation. Evolving with the times, Tropicana continues to monitor market conditions while adjusting its campaign strategy and product mix to take advantage of favourable opportunities while mitigating downside risks. Building townships since 1979, Tropicana has broadened its position from a resort-style developer to a sustainable community planner anchored on its 8 development DNAs and 3 ESG pillars. Pioneering resort-style developments in Tropicana Golf & Country Resort and Tropicana Indah Resort Homes and expanding to other hotspots in Klang Valley, Johor, and now Genting Highlands and Langkawi. Over the years, Tropicana has built many townships, mixed-use developments, hotels, educational institutions, and shopping malls. In 2024, Tropicana recorded the following progress: • RM1.4 billion revenue • RM1 billion property sales • RM2.2 billion unbilled sales • 943 units of properties sold across signature developments in Northern, Central, Genting Highlands, Southern and East Malaysia Tropicana remains committed to monitoring key performance metrics, maintaining cost-eûciency measures, and launching new developments that meet customer demand. As an experienced master planner and builder of various developments, Tropicana is agile and able to adapt quickly to changing trends and customer demands. As an experienced master planner and builder of various developments, Tropicana is agile and able to quickly adapt to changing trends and customer demands. MARKET TRACTION & FUTURE GROWTH 100% take-up Edelweiss Serviced Residences & SOFO, Tropicana Gardens @ Tropicana Indah 100% take-up Gemala Residences, Tropicana Aman @ Kota Kemuning 100% take-up Tropicana Miyu @ Petaling Jaya 100% take-up Freesia Residences, Tropicana Aman @ Kota Kemuning 100% take-up Hana Residences, Tropicana Aman @ Kota Kemuning 100% take-up SouthPlace Residences, Tropicana Metropark @ Subang Jaya 100% take-up Aster Heights, Tropicana Uplands @ Gelang Patah 100% take-up Assana Serviced Suites, Tropicana Cenang @ Langkawi 100% take-up Merissa Serviced Suites, Tropicana Cenang @ Langkawi DEVELOPMENTS WITH HIGH TAKE-UP RATES IN FY2024 51 MANAGEMENT DISCUSSION & ANALYSIS
1. Engaging & Tactical Campaigns a. Tactical sales campaign to craft a buzz-worthy conversation and become the talk of the town, igniting widespread interest and excitement such as THE TROPICANA JOURNEY & MARKET TRACTION TO GAIN MARKET TRACTION, TROPICANA ROLLED OUT A SERIES OF TACTICAL AND STRATEGIC INITIATIVES IN 2024 • FL45H DEALS campaign oûering purchasers a chance to win big and strike gold! Customers walked away with attractive and ûexible home ownership packages and incentives aligned with 8459 such as RM4.5 million worth of total bonus rewards, SPA signing incentive valued at more than RM45,000 and 450 pieces of 24k gold coins plus stamp duties, home ûnancing solutions, and furnishing packages. This campaign was oûered for ûve participating developments, namely Tropicana Alam, Tropicana Metropark, Tropicana Gardens, Tropicana WindCity and Tropicana Aman. This is in conjunction with Tropicana9s 45th anniversary • TwinPines Bonanza rewarding purchasers with prizes worth up to RM476,000, including the grand prize 3 a fully furnished studio unit worth RM461,000 • These campaigns created a sense of urgency by oûering limited-time promotions or exclusive deals, boosting engagement and sales • All these exciting campaigns raked up more than RM1 billion in sales and garnered more than 36,000 leads and engagements • Art of LONGevity campaign that gave out ang pao up to RM28,888 for participating townships such as Tropicana Alam, Tropicana Aman, Tropicana Metropark, Tropicana Gardens, Tropicana Grandhill, Tropicana Paradise and Tropicana Cenang 52 ANNUAL REPORT 2024
b. Digital Marketing • Continuing with the lead gen campaign via META (FB/Instagram/Tik Tok), Google Display Network and various property platforms for on-going projects and upcoming launches • Leveraging on Key Opinion Leaders (<KOL=) on TikTok and Xiao Hong Shu (<XHS=) • Deployment of WhatsApp Chatbot for seamless connection with customers • Rolled out CNY and Hari Raya brand ûlms on social media platforms • Achieved: - Over 769,087 views on Facebook - Over 1,954,946 video plays on Instagram - Over 37,652 views on YouTube 53 MANAGEMENT DISCUSSION & ANALYSIS
c. On-ground Event • Hosted 32 events and participated in 27 roadshows to create tangible and immersive experiences that foster brand loyalty and increase visibility • 8 partnerships and/or collaborations with other brands or organisations to maximise market reach d. Referral Programme • Expand referral programmes to drive customer growth by encouraging existing customers to refer to their family and friends 54 ANNUAL REPORT 2024
e. Full VR content for show units and masterplans of all Tropicana projects. Property seekers can access from anywhere in the world, a sharp virtual tour that includes 360-degree views of the interior and exterior of a property. https://vr.tropicanacorp.com.my/tropicanauplands/ https://www.tropicanacenanglangkawi.com/virtual-view-gallery 55 MANAGEMENT DISCUSSION & ANALYSIS
2. T360 Digital Platform a. Better outreach and engagement with the community via homegrown T360 app, your one-stop 360 lifestyle app for property, shopping, fashion, tech, travel, F&B, merchant deals, facility bookings, VP appointments and more. b. Content digitalisation on a single platform for data, news, and updates such as Tropicana Lifestyle Magazine and bite-sized snippets of news coverage. c. Integration and continuous engagement of our T360 and T Privilege loyalty programme. We have also registered an increasing number of active members from 32,991 (FY2023) to 43,553 (FY2024), an impressive jump of 32%. 3. T Journey, a Hospitality & Tenancy Management unit a. An online marketplace for short-and-long-term homestays providing investors and customers tenancy management solutions as well as concierge services for the guests, especially for properties that are located in popular tourist hotspots such as Genting Highlands and Langkawi. b. Oûers maximum conveniences and a good rental yield. c. Additional value-added service to buyers of commercial units to lease out their property. REGISTERED AN INCREASED NUMBER OF ACTIVE MEMBERS FROM 32,991 (FY2023) TO 43,553 (FY2024), AN IMPRESSIVE JUMP OF Strong Database Across All Platforms: Total Active Members: New App Membership: Approximately 668,000 43,553 10,562 (for FY2024) 32% 56 ANNUAL REPORT 2024
4. IoT/Smart/AI Projects a. Unique positioning of Tropicana projects oûering smart home solutions such as smart security, smart switches, green features, etc. b. Pivoting oûerings to meet a more savvy and new-age customer to future-proof the business. c. Embarking on integration with the T360 app for convenience at one9s ûngertips. 5. Green Building Commitment a. Signed a Memorandum of Understanding (<MOU=) with GreenRE, establishing a long-term partnership focused on sustainable living. This collaboration underscores Tropicana9s dedication to green building excellence and eco-friendly practices, aligning with the Group9s ongoing ESG commitments. b. Through this initiative, Tropicana aims to inspire property buyers to embrace a greener lifestyle, reduce carbon footprint, and contribute to a cleaner, more sustainable future. 57 MANAGEMENT DISCUSSION & ANALYSIS
EXPANDING OUR FOOTHOLD 58 ANNUAL REPORT 2024
EXPANDING OUR FOOTHOLD Tropicana will continue to gain traction in the market with these ongoing and new developments worth an estimated GDV of RM8.5 billion: 1. Varia Shop Oûces, Tropicana Aman @ Kota Kemuning 2. Avisa Terrace Homes, Tropicana Alam @ Puncak Alam 3. Breeze Hill Shoppes & Serviced Apartments, Tropicana Avalon @ Tropicana WindCity, Genting Highlands 4. Serviced Suites & Bungalow Lots, Tropicana Paradise @ Tropicana WindCity, Genting Highlands 5. Clarissa Serviced Suites & Beachwalk Shoppes, Tropicana Cenang @ Langkawi 6. Skypark Kepler Branded Residences, Lido Waterfront Boulevard @ Johor 7. Fraser Heights Terrace Homes, Tropicana Uplands @ Johor 8. Bora Serviced Apartments, Tropicana Danga Bay @ Johor Looking forward, Tropicana will be completing these 2 projects and ready for the delivery of Vacant Possession in FY2025: 1. Hana Residences, Tropicana Aman @ Kota Kemuning 2. Edelweiss Serviced Residences, SOFO & Shoppes, Tropicana Gardens @ Tropicana Indah Tropicana9s extensive landbank spans 1,336.1 acres, with a total potential Gross Development Value (<GDV=) of approximately RM168.4 billion. This strong land portfolio strategically positions the Group to unlock signiûcant value, drive growth and deliver sustainable performance in the next few years. 59 MANAGEMENT DISCUSSION & ANALYSIS
UPCOMING DEVELOPMENT SKYPARK KEPLER BRANDED RESIDENCES Projected Launch Date Q2 2025 | Estimated GDV RM1.6 billion | No of Units 1,596 units CLARISSA SERVICED SUITES & BEACHWALK SHOPPES Projected Launch Date Q2 2025 | Estimated GDV RM1.01 billion | No of Units 806 units To discover more, please scan the QR code To discover more, please scan the QR code 60 ANNUAL REPORT 2024
BORA RESIDENCES Projected Launch Date Q3 2025 | Estimated GDV RM199 million | No of Units 245 units BREEZE HILL SHOPPES & SERVICE APARTMENTS Projected Launch Date Q3 2025 | Estimated GDV RM1.2 billion | No of Units 1,722 units To discover more, please scan the QR code To discover more, please scan the QR code 61 MANAGEMENT DISCUSSION & ANALYSIS
SERVICED SUITES Projected Launch Date Q4 2025 | Estimated GDV RM646 million | No of Units 798 units BUNGALOW LOTS Projected Launch Date Q4 2025 | Estimated GDV RM127 million | No of Units 39 units To discover more, please scan the QR code FRASER HEIGHTS TERRACE HOMES Projected Launch Date Q3 2025 | Estimated GDV RM225 million | No of Units 295 units To discover more, please scan the QR code 62 ANNUAL REPORT 2024
HANA RESIDENCES OCTOBER 2022 Acres 27.9 | GDV RM 405 mil | Unit Type Residences To discover more, please scan the QR code ONGOING DEVELOPMENTS UMARA 2 & 3-STOREY SHOP OFFICES JUNE 2023 Acres 13.5 | GDV RM 265 mil | Unit Type Shop Oûces To ûnd out more, please scan the QR code 63 MANAGEMENT DISCUSSION & ANALYSIS
VARIA SHOP OFFICES JUNE 2024 Acres 17.9 | GDV RM 455 mil | Unit Type Shop Oûces To ûnd out more, please scan the QR code AVISA 1 2-STOREY TERRACE HOMES MARCH 2024 Acres 33.9 | GDV RM 334 mil | Unit Type Residences To ûnd out more, please scan the QR code 64 ANNUAL REPORT 2024
AVISA 2 2-STOREY TERRACE HOMES NOVEMBER 2024 Acres 35.8 | GDV RM 386 mil | Unit Type Residences To ûnd out more, please scan the QR code EDELWEISS RESIDENCES, SOFO & SHOPPES SEPTEMBER 2019 Acres 2.9 | GDV RM 932 mil | Unit Type Residences, SOFO and Retail Shoppes To ûnd out more, please scan the QR code 65 MANAGEMENT DISCUSSION & ANALYSIS
SOUTHPLACE 2 SERVICED RESIDENCES & RETAIL SHOPPES APRIL 2023 Acres 4.4 | GDV 528 mil | Unit Type Residences & Commercial Shops To find out more, please scan the QR code ASSANA SERVICED SUITES SEPTEMBER 2021 Acres 2.2 | GDV RM 573 Million | Unit Type Serviced Suites MERISSA SERVICED SUITES JUNE 2023 Acres 0.4 | GDV RM 115 Million | Unit Type Residences To find out more, please scan the QR code 66 ANNUAL REPORT 2024
FRASER HEIGHTS PHASE 1 TERRACE HOMES DECEMBER 2024 Acres 36.2 | GDV RM 168 mil | Unit Type Residences To find out more, please scan the QR code SUMMIT COMMERCIAL HUB 3 & 4-STOREY SHOP OFFICE MAY 2021 Acres 7.2 | GDV RM 116 mil | Unit Type Shop Oûces To find out more, please scan the QR code 67 MANAGEMENT DISCUSSION & ANALYSIS
PARADISE PARADISE VILLA MAY 2023 Acres 20.2 | GDV 143 mil | Unit Type Bungalow Lot TWINPINES BLOCK A & B MAY 2021 Acres 3.6 | GDV RM 1.01 bil | Unit Type Residences To find out more, please scan the QR code To find out more, please scan the QR code 68 ANNUAL REPORT 2024
INVESTMENT PROPERTIES Investment properties provide the Group with recurring income as well as increasing our net worth and diversifying our revenue streams. The following is a list of our investment properties: 1) Tenby International School at Tropicana Aman 2) Tropicana Oûce Tower at Tropicana Indah Tenby International School is located on a large 10-acre purpose-built campus within Tropicana Aman and provides quality international education to the young minds of the Kota Kemuning community. It oûers a UK-based curriculum for students aged between 3 to 18 years of age including the International Primary Curriculum, National Curriculum for England, IGCSEs, and A-Level programmes. Tropicana Gardens Oûce Tower is an oûce building located on top of IOI Mall Damansara (formerly known as Tropicana Gardens Mall). The development is part of the FIABCI award-winning Tropicana Gardens mixed-use 17-acre integrated parcel. This 23-storey modern oûce tower has a good occupancy mix and is the headquarters of Tropicana Corporation Berhad. 1 2 69 MANAGEMENT DISCUSSION & ANALYSIS
APPRECIATION On behalf of Tropicana9s Board of Directors and management team, we would like to express our deepest gratitude to our shareholders and stakeholders for their continued dedication and loyalty. We would also like to thank our team of dedicated employees at Tropicana and all our customers for their unwavering support. Despite the challenges of 2024, we remain committed to strengthening our priorities and realigning for future growth. With a strong foundation in place, we are dedicated to enhancing our competitive advantage, fulûlling our promises, and continuing to Redeûne the Art of Living both domestically and internationally. We look forward to the future with optimism and determination. 70 ANNUAL REPORT 2024
2024 1,407,571 (117,125) (100,046) 1,493,111 2023 Segmental Revenue RM’000 RM’000 Segmental Operating Loss 2024 2023 2024 2023 RM9000 RM9000 RM9000 RM9000 Property Development and Property Management 1,228,116 221,340 (9 ,534) Property Investment, Recreation and Resort 157,334 (223,356) (6, ) Investment Holding and Others 22,121 (115,109) ( ) 1,407,571 (117,125) ( ) PERFORMANCE AT A GLANCE Segmental Revenue Segmental Operating Proût/(Loss) 71 MANAGEMENT DISCUSSION & ANALYSIS
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Revenue (RM9000) Total Assets (RM9000) Basic (loss)/earnings per share (sen) Net assets per share (RM) Equity attributable to owners of the parent (RM9000) (Loss)/proût attributable to owners of the parent (RM9000) 72 ANNUAL REPORT 2024
FINANCIAL HIGHLIGHTS & INSIGHTS FY2024 FY2023 RM'000 RM9000 Revenue 1,407,571 1,493,111 Loss before tax (117,125) (100,046) Loss attributable to owners of the parent (208,515) (174,188) Total sales of RM1.0 billion Group Finance Review High unbilled sales of RM2.2 billion KEY FINANCIAL HIGHLIGHTS FOR FINANCIAL YEAR ENDED 31 DECEMBER 2024 During the ûnancial year (<FY=) 2024, the Group sold RM1.0 billion worth of development properties, driven by improved market sentiments and a recalibrated sales strategy to navigate prevailing challenges and respond to shifts in consumer demand. The strong sales performance sustained the Group9s unbilled sales at RM2.2 billion as at 31 December 2024, placing the Group in a comfortable position to deliver sustainable earnings performance in the coming years. Our focus remained on aligning new launches with prevailing property seeker demand and optimal market timing, while concurrently clearing ready inventories from completed developments. The Group closed the year by recording a total revenue of RM1,407.6 million for FY2024, representing a 5.7% decline compared to RM1,493.1 million registered in FY2023. The decrease in revenue for the current ûnancial year was mainly due to the completion of divestments of several investment properties. Despite the dropped in revenue, the ûnancial year has witnessed robust sales performance across new and ongoing projects, supported by continued revenue recognition from unbilled sales, as reûected in the improved performance of the property development and property management segments. The Group recorded a loss before tax (<LBT=) of RM117.1 million and a loss attributable to owners of the parent of RM208.5 million in FY2024 mainly due to the recognition of one-oû losses arising from the disposal of an investment property for a consideration of RM680.0 million. Excluding this disposal, the Group would have recorded a proût before tax (<PBT=) of RM137.4 million, a signiûcant improvement compared to the LBT of RM100.0 million in the preceding year. During the year, the Group successfully completed and delivered vacant possession for ûve projects across the Klang Valley and Southern Region, which contributed to the Group9s stronger ûnancial performance. The decline in ûnance costs incurred also contributed to the higher PBT during the year, in line with the Group9s strategy to reduce its overall debt level through asset monetisation. With unbilled sales of RM2.2 billion and strategic initiatives to unlock the value of 1,336.1 acres of prime land with a potential gross development value of approximately RM168.4 billion, the Group is expected to remain on track to register positive earnings in the coming years. Malaysia9s property market remains resilient and poised for long-term growth despite global inûation, geopolitical tensions, and economic instability that could affect market sentiment. This resilience is attributed to the country9s strategic location, cultural richness, and supportive government policies, which continue to attract both investors and homeowners. Amidst the current challenging economic environment, the Group believes that demand for properties in prime locations within Tropicana9s established, mature, and developing townships will persist, supported by attractive pricing and a variety of promotional packages. Furthermore, the Group expects improved sales, especially for its properties in Johor, following the recently signed deûnitive agreement relating to the Johor-Singapore Special Economic Zone, the Johor Bahru-Singapore Rapid Transit System Link project, as well as the anticipated positive impact from the potential revival of the High-Speed Rail project. Premised on the expected demand, the Group will continue to launch properties at strategic locations across the Klang Valley, Genting Highlands, and the Northern and Southern regions. Moving forward, the Group will also continue to roll out new phases within its established development sites, namely Tropicana Aman and Tropicana Metropark. In FY2025, the Group plans to introduce new developments and phases across its signature a mixed development comprising Skypark Kepler Branded Residences located at Lido Waterfront, Johor; Bora Serviced Apartments located at Tropicana Danga Bay, Johor; Fraser Heights Terrace Homes located at Tropicana Uplands, Gelang Patah; Clarissa Serviced Suites & Beachwalk Shoppes located at Tropicana Cenang, Langkawi; Breeze Hill Shoppes & Serviced Apartments located at Tropicana Avalon, Genting Highlands; Serviced Suites and Bungalow Lots located at Tropicana Paradise, Genting Highlands and Serviced Suites and Bungalow Lots located at Tropicana Paradise, Genting Highlands. 73 MANAGEMENT DISCUSSION & ANALYSIS
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