Tropicana lines up RM1.9 bil development pipeline for 2026–2027
The pipeline and RM1.4 billion in unbilled property sales signal developer confidence and may expand serviced-apartment, villa, retail and shop-office supply in these markets.
Tropicana is preparing RM1.9 billion in new developments for 2026–2027 across Puncak Alam, Cyberjaya, Langkawi and Johor Bahru.
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Tropicana Corporation Bhd is preparing new developments with a combined gross development value (GDV) of RM1.9 billion (S$600.5 million) for 2026 and 2027 across Puncak Alam, Cyberjaya, Langkawi and Johor Bahru, the company said in an Aug 27 release.
The pipeline comprises shop offices at Tropicana Alam in Puncak Alam; serviced apartments and retail shops at Tropicana Avan in Cyberjaya; serviced apartments at Tropicana Shores in Langkawi; serviced apartments and villas at Tropicana Lagoon in Langkawi; and Bora Tower B at Tropicana Danga Bay in Johor Bahru.
The upcoming developments come as the Malaysian property developer recorded RM850.8 million in revenue for 2QFY2026 ended June 30, up 157.7% from RM330.2 million a year earlier.
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Excluding the sales of three land parcels in Johor and Selangor for RM513.8 million, revenue from Tropicana's core operations also increased, supported by property handovers at Tropicana Indah in Kota Damansara and Tropicana Cenang in Langkawi.
Despite the higher revenue, Tropicana recorded a net loss of RM12.7 million for the quarter, compared with a net profit of RM1.25 million in 2QFY2025, as higher cost of sales and tax expenses weighed on earnings. It marked the group's fourth consecutive loss-making quarter.
Profit before tax, however, more than doubled to RM21.9 million from RM10.7 million a year earlier, supported by higher progress billings across projects in the Klang Valley and Johor, along with the completion and handover of projects.
For 1HFY2026, Tropicana's revenue rose 97.2% y-o-y to RM1.16 billion from RM590.5 million. It recorded a net loss of RM35.8 million for the six-month period, reversing a net profit of RM2.6 million a year earlier.
As at June 30, the group had RM1.4 billion in unbilled property sales. Its landbank stood at 1,349.7 acres (58.8 million sq ft), with a potential gross development value (GDV) of RM102.6 billion.
Tropicana's ongoing developments include Avisa Residences at Tropicana Alam; SouthPlace 2 Residences & Shoppes at Tropicana Metropark in Subang Jaya; and Skypark Kepler Branded Residences at Lido Waterfront Boulevard in Johor Bahru.
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Four developments are scheduled to be handed over in FY2026: Umara Shop Offices at Tropicana Aman, Edelweiss Serviced Residences, SOFO & Shoppes at Tropicana Gardens, Assana and Merissa Serviced Suites at Tropicana Cenang, and Summit Commercial Hub at Tropicana Uplands in Johor Bahru.
Tropicana's total borrowings fell 4% to RM2.64 billion as at June 30 from RM2.75 billion at end-December 2025, as the group continued to monetise assets and reduce debt.