Petaling Jaya (25 March 2026) – Tropicana Corporation Berhad (“Tropicana” or the “Group”) announced the full redemption of RM89.43 million, its outstanding Tranche 1 perpetual sukuk, originally issued in September 2019. This facility was secured to fund key projects across Tropicana’s strategic townships in Malaysia. This redemption forms part of several initiatives to reduce overall borrowings and strengthen the Group’s balance sheet.
In October 2025, the Group also announced the fulfilment of a RM139 million payment obligation, representing the Tranche 4 payment under its RM1.5 billion Islamic Medium-Term Notes (“IMTN”) Sukuk Wakalah Programme introduced in 2020. This brought total cumulative repayments under the programme to RM1.12 billion. Subsequently, in November 2025, Tropicana successfully issued RM300 million in IMTN—upsized from an initial RM200 million following strong investor demand. The issuance was oversubscribed, with a significant portion taken up by government-linked institutional investors. These milestones highlight Tropicana’s prudent financial management and its commitment to honouring obligations to investors.
Unbilled sales remain strong at RM2.0 billion. This performance is further supported by the Group’s ongoing and upcoming signature developments across Malaysia, with a combined estimated Gross Development Value (“GDV”) exceeding RM7.5 billion.
For the financial year ended 31 December 2025, the Group reported total revenue of RM1.5 billion in February 2026, marking an increase of RM83.9 million or 6.0% compared to the previous year. The growth was primarily driven by higher progress billings across key projects in the Klang Valley, as well as the Southern and Northern regions.
Looking ahead, Tropicana remains focused on sustaining its growth trajectory through stronger sales performance, strategic monetisation of landbanks and investment properties, and ongoing financial optimisation. Reflecting this positive momentum, MARC Ratings upgraded its outlook on the Group to positive from stable, while affirming its A rating. The revision reflects improvements in Tropicana’s balance sheet, supported by successful deleveraging initiatives and asset disposals aimed at reducing borrowings.
“The full redemption of the Tranche 1 perpetual sukuk reflects the steady progress we are making in strengthening Tropicana as an organisation and reinforces our commitment to meeting our obligations. We will continue transforming Tropicana into a future-ready group focused on sustainable growth. Our strategy prioritises strengthening our core property segment through an asset-light model, leveraging our development expertise, distinctive DNA, and strong ESG commitments. We extend our sincere appreciation to our business partners for their continued support and trust in the Group,” said the management.
The Group continues to gain traction in the market with 11 new developments worth an estimated GDV of RM3.1 billion:
- Idaman Tower @ Tropicana Aman, Kota Kemuning
- Varia Shop Offices @ Tropicana Aman, Kota Kemuning
- Serviced Apartments & Retail Shops @ Tropicana Cyberjaya, Sepang
- Breeze Hill Shoppes & Serviced Apartments @ Tropicana Avalon, Genting Highlands
- Odesea Serviced Apartments @ Tropicana Shores, Langkawi
- Maia Solana, Maia Calista & Maia Estela Serviced Apartments @ Tropicana Lagoon, Langkawi
- Bora Serviced Apartments @ Tropicana Danga Bay, Johor
Delivery of Vacant Possession in FY2026:
- Umara Shop Offices @ Tropicana Aman, Kota Kemuning
- Edelweiss Serviced Residences, SOFO & Shoppes @ Tropicana Gardens, Petaling Jaya
- Assana and Merissa Serviced Suites @ Tropicana Cenang, Langkawi
Tropicana’s current landbank stands at 1,336.1 acres, with a total potential GDV of RM168.4 billion. Tropicana is strategically positioned to unlock substantial value, drive sustained growth, and deliver long-term performance over the coming years.
Disclaimer: The information is provided for general information only. PropertyGuru International (Malaysia) Sdn Bhd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.