Petaling Jaya: Tropicana Bhd is re-entering the Johor property market after a hiatus of about three years, with two launches planned by 2024, driven by the state’s rapid growth.
Tropicana’s marketing and sales/business development managing director Ixora Ang says the company’s outlook for the southern state is supported by the announcement of several key developments, including the Johor Bahru-Singapore Rapid Transit System project and a special economic zone. is bullish.
“Tropicana always identifies very good land banks and there has never been a better time than now to launch these projects in the southern region,” she said today. He spoke to reporters at a press conference after the signing ceremony.
Currently, it owns approximately 2,000 acres of land in Johor.
The property developer first entered Johor in 2010 with the 37-acre Tropicana Danga Bay, a joint venture township development with Iskandar Waterfront Sdn Bhd, and the group has since expanded to several more in the state. We have introduced this development.
Mr Ang said the group was re-entering the southern state after a two-to-three year hiatus due to the downturn in the Johor market.
Of the planned launches in 2024, projects in Johor account for two of the seven developments, with the rest within the Klang Valley, Genting and Langkawi areas, she said.
Mr Ang said two projects are scheduled to start in Johor this year, with the first project expected to start by early Q3 and subsequent projects in Q3 or Q4. shared.
“Projects scheduled to begin in Johor this year will be residential developments at Lido Waterfront Boulevard and Tropicana Uplands. We will be rolling out contemporary high-rise developments and luxury landed homes,” she said. said.
Recently, the company entered into a purchase and sale agreement with Perbadanan Kemajuan Negeri Selangor to acquire a 7.79-acre leasehold plot in Kota Damansara, adjacent to the mixed-use development Tropicana Gardens, for RM224 million.
Tropicana Deputy CEO Khoo Tian Xiang said the company will introduce new developments to the market once they receive approval from the relevant authorities.