PETALING JAYA: Tropicana Corp Bhd
has redeemed the Sukuk Wakalah Programme tranche of RM465.5mil, due on June 30.
The property developer said in a statement the Sukuk Wakalah Programme was part of its RM1.5bil Islamic medium-term notes programme.
It said it will continue to deliver sustainable earnings, backed by its solid RM2.1bil unbilled sales, ongoing property sales campaign as well as improved performance from its property development, property investment, recreation and resort operations.
It said sustainability is part of Tropicana’s core and it has prioritised the property segment, anchored on its development DNA and environmental, social and governance commitments.
“We have strategic plans in place that we are confident of achieving and we will continue to roll out effective marketing and sales campaigns to drive growth.
“We also want to take this opportunity to extend our sincere appreciation to our bankers who have been supportive to Tropicana Group.
“In addition, we have robust unbilled sales of RM2.1bil and in the pipeline, we will continue to unlock our land bank offering four new developments with a total gross development value (GDV) of RM1.1bil, which will contribute to the group’s future earnings.”
Overall, Tropicana’s total land bank spans 2,091 acres, with a total potential GDV of RM203.7bil, placing the group in a good position to unlock the value of its strategic land bank and deliver sustainable performance in the next few years.
