PETALING JAYA: Tropicana Bhd is re-entering the Johor property market after a hiatus of about three years, with two launches planned for 2024, spurred by rapid growth in the state.
According to Tropicana marketing and sales/business development managing director Ixora Ang, the company’s outlook for the southern state is bullish, underpinned by the announcements of several key developments such as the Johor Bahru–Singapore Rapid Transit System project and the special economic zone.
“Tropicana has always identified very prime landbanks and there’s no better time than now to launch these projects in the southern region,” she told reporters at a press conference today after its signing ceremony with Maybank Islamic’s HouzKEY solution and Ikea Malaysia.
Currently, it has a landbank of about 2,000 acres in Johor.
The property developer first entered Johor in 2010, with the introduction of 37-acre Tropicana Danga Bay, a joint venture township development with Iskandar Waterfront Sdn Bhd. Since then, the group has introduced several more developments in the state.
Ang said it will be the group’s re-entry into the southern state after a pause of two to three years due to a dip in the Johor market previously.
Of its planned launches in 2024, she remarked that its projects in Johor occupy two out of seven developments, while the rest are located within the areas of Klang Valley, Genting and Langkawi.
Ang shared that two projects are slated to be launched in Johor this year, with the first project expected to launch by early third quarter, followed by the latter in the third or fourth quarter.
“Projects slated to be launched in Johor this year will be residential developments at Lido Waterfront Boulevard and Tropicana Uplands. We plan to roll out modern high-rise development and premium landed homes,” she said.
Recently, the company signed a sale and purchase agreement with Perbadanan Kemajuan Negeri Selangor to acquire a piece of leasehold land in Kota Damansara for RM224 million, measuring 7.79 acres, situated adjacent to its mixed development, Tropicana Gardens.
Tropicana deputy CEO Khoo Thian Shyang said the new development will be introduced to the market once approval has been obtained from relevant authorities.
