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NewsTropicana selling Klang tract to Eco World for RM471m
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Tropicana selling Klang tract to Eco World for RM471m
by Cals Wed 19 Mar 2014, 22:14
| Tropicana selling Klang tract to Eco World for RM471m |
| Business & Markets 2014 |
| Written by Chong Jin Hun of theedgemalaysia.com |
| Wednesday, 19 March 2014 18:41 |
KUALA LUMPUR (Mar 19): Tropicana Corp Bhd is selling 123ha (308.72 acres) of land within the South Klang area to Eco World Development Group Bhd for some RM470.67 million or RM35 psf.
Tropicana group Executive Vice Chairman Tan Sri Danny Tan Chee Sing said in a statement today Tropicana was expected to reap a net gain of about RM170 million from the sale.
The land forms a portion of the 469 ha (1,172 acre) Tropicana Aman site which was previously known as Canal City. Tropicana acquired the land in April 2013.
“As master developer of Tropicana Aman, this transaction is significant in enabling us to bring in a developer who can complement our development approach in creating vibrant and unique self-contained communities.
"This sale is also in line with our transformation strategy to unlock the value of our sizeable landbank, and monetise our assets to strengthen our balance sheet," Tan said.
Tan said the sale proceeds would position Tropicana for sustainable growth over the medium to long term.
Trading of shares in Eco World and Tropicana was suspended from 2.30pm to 5pm today in conjunction with the announcement.
Prior to the suspension, Eco World rose two sen or 0.4% to RM4.69 at 12.30pm. Tropicana added five sen or 3.6% to RM1.43.
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