Latest news with #LIDO
New Straits Times
6 days ago
- Business
- New Straits Times
Tropicana reverses Q1 2024 loss with RM1.3mil net profit in Q1 2025
KUALA LUMPUR: Tropicana Corporation Bhd posted a net profit of RM1.3 million for the first quarter to March 31 2025 to reverse its RM9.1 million net loss a year ago. The company's revenue, however, fell 10.6 per cent to RM260.4 million from RM291.3 million previously. Tropicana, in a statement today, said this was due to the completion of the divestment of several investment properties, resulting in a reduction of recurring income. On a positive note, its finance costs were lower in line with its ongoing strategy to reduce overall debt levels through asset monetisation initiatives. "We will continue to strive forward and strengthen our stakeholder engagements, focusing on value creation as well as establishing strategic marketing and sales campaigns across our online and offline platforms. "We believe that the demand for properties in Tropicana's established, mature and developing townships will persist and that the property market should maintain its positive momentum in 2025," it added. Tropicana said its unbilled sales stood at RM2.1 billion, placing the company in a comfortable position to deliver sustainable earnings. The company said 10 of its development across Malaysia achieved full take-up over the past few months, including Tropicana Miyu, Edelweiss Serviced Residences, Freesia Residences, Gemala Residences, Hana Residences and SouthPlace Residences in the Klang Valley. In the northern and southern regions, Assana and Merissa Serviced Suites in Langkawi, as well as Aster Heights and Summit Commercial Hub in Johor, posted full take-up. Tropicana Alam, the company's latest township at Puncak Alam, introduced its Avisa Residences show units, resulting in a positive 76 per cent take-up for the first phase. Tropicana's current landbank stood at 540.73 hectares, with a total potential gross development value of RM168.4 billion The company said the recent appointment of world-class architectural firm Skidmore, Owings & Merrill to lead the transformation of 65.97 hectares Lido Waterfront Boulevard (LIDO) will add more value, placing LIDO as its most prime piece of land in Johor. "This strong land portfolio positions the group to unlock significant value, drive growth and deliver sustainable performance in the next few years," it added.
New Straits Times
27-05-2025
- Business
- New Straits Times
Tropicana taps global design giant SOM to lead Johor's Lido Waterfront masterplan
KUALA LUMPUR: Tropicana Corporation Bhd has appointed renowned architecture and urban planning firm Skidmore, Owings & Merrill (SOM) to lead the masterplan for the 163-acre Lido Waterfront Boulevard (LIDO) in Johor Bahru. This strategic partnership marks a major milestone for the development, which is set to transform LIDO into a world-class, future-ready coastal metropolis and smart city in the southern region of Malaysia. The masterplan will integrate seven key components—residential, commercial, wellness, education, hospitality, recreational, and lifestyle—into a unified, sustainable waterfront destination. Tropicana's founder and group executive vice chairman Tan Sri Danny Tan Chee Sing said LIDO is poised to become the new heartbeat of Johor Bahru City Centre, leveraging its proximity to the upcoming RTS Link and the Johor–Singapore Special Economic Zone (JS-SEZ). "LIDO is one of our most innovative projects in Johor, and this impressive masterplan will be the new pulse of Johor Bahru City Centre," he said in a statement. Tan said that the LIDO masterplan design was awarded to SOM with the collective aim to set new standards for sustainability and innovation in the continually growing Johor Bahru city. "This is our second collaboration with SOM. Our first was the successful and iconic W Kuala Lumpur & The Residences, located within the Kuala Lumpur City Centre. With their impressive track record and global talents, the LIDO masterplan design was awarded to SOM with our collective aim to set new standards for sustainability and innovation in the continually growing Johor Bahru city." SOM's recent work on the Bandar Malaysia master plan, a major transit-oriented, mixed-use project in Kuala Lumpur, demonstrated its capacity to envision future-ready cities. These successful track records captured Tropicana's interest, making SOM the preferred choice to bring the ambitious LIDO development vision to life. SOM, famed for iconic projects such as the Burj Khalifa, One World Trade Centre, and master plans across major global cities, will bring visionary urban planning and international expertise to the project. Douglas Voigt, Partner at SOM, said the project presents an opportunity to create a vibrant, inclusive urban hub. LIDO has the potential to be one of Malaysia's most engaging civic spaces, celebrating culture, enhancing liveability, and strengthening Johor Bahru's social fabric, he said. As the first residential phase of the development, Skypark Kepler will comprise two 54-storey towers on a 4-acre freehold site. It will feature 1,596 fully and semi-furnished designer units, with layouts ranging from 1+1 to 3 bedrooms (463 to 807 sq ft), starting from RM790,000.
