KUALA LUMPUR (April 25): Tropicana Corp Bhd has inked four joint development agreements (JDA) to develop four pieces of land in Langkawi and Pekan Nenas, Johor, with total estimated gross development value (GDV) of RM4.78 billion, it announced on Bursa Malaysia on April 24.
Under the JDAs with the four landowners, Tropicana will develop the lands at its own costs.
The landowners will each receive 12% of the respective developments’ GDV. The JDA also underlined a minimum GDV entitlement for each landowner for each project.
The first JDA was inked with Pantai Kok Resort Development Sdn Bhd to develop 44.61 acres at Padang Mat Sirat, Langkawi across 15 years, with estimated GDV of RM3.02 billion.
The second JDA was with Sinaran Ramah Sdn Bhd to develop a 2.48-acre land in Mukim Kedawang, Langkawi across seven years, with estimated GDV for RM308.3 million.
The third JDA was with Suci Padu Sdn Bhd to develop 1,143.8-acre land in Pekan Nenas Land 1 in Pontian, Johor, and the fourth with Ibarat Indah Sdn Bhd to develop 45 acres in Pekan Nenas Land 2.
Both Pekan Nenas projects — to develop a logistics and transportation industrial hub there — will have an estimated GDV of RM1.45 billion combined, and will be developed across seven years.
The commencement date for all four projects is within two years from the date, upon fulfilment of all conditions precedent in the JDA.
The JDAs are a follow-up to memorandums of understanding (MoUs) signed in January this year.
Concurrently, Tropicana revealed that its MoU with Cenang Resort Sdn Bhd to develop a land in Pantai Cenang, Langkawi, has lapsed.
Shares of Tropicana traded unchanged at 87.5 sen today, giving it a market capitalisation of RM1.29 billion.