CONNECTING COMMUNITIES FORGING FUTURES ANNUAL REPORT 2025
CONNECTING COMMUNITIES FORGING FUTURES As Tropicana charts its growth journey forward, the Group remains steadfast in its mission and vision to transform into a future-ready organisation anchored on sustainable growth. Founded in 1979, Tropicana has strengthened its position as a resort-style master planner, prioritising its core property segment through an asset-light model while leveraging its development expertise guided by 8 distinctive development DNAs and 3 strong ESG pillars. With a focus on both indoor and outdoor environments, the Group’s design philosophy emphasises ecological and aesthetic harmony with the surrounding landscape. As a responsible developer, Tropicana continues its green journey, delivering liveable and sustainable townships where communities can grow, thrive, and prosper. The Group has developed over 20 townships and 20 green building developments, achieving a commendable four-star FTSE Russell ESG Rating awarded by FTSE4Good Bursa Malaysia (“F4GBM”) Index Series. On behalf of the Tropicana management team, we are pleased to present the 2025 Integrated Annual Report, reflecting on our achievements, challenges, and opportunities ahead. As we advance our aspiration to connect communities and forge futures, we remain focused on Redefining the Art of Living and making a meaningful impact on all our stakeholders.
ABOUT US OUR VISION OUR MISSION OUR VALUES & PRINCIPLES Delivering lasting value through innovation, ESG excellence, and the OneTropicana spirit. TOGETHER WE THRIVE OneTropicana: Connecting Communities, Forging Futures TRUST Our customers are at the heart of everything we do, and we strive to build trust through quality products, meaningful engagement, and seamless experiences across every touchpoint. RESILIENT Building a resilient and future-ready group by adopting strong and agile governance that delivers sustainable growth and long-term value to all our stakeholders. HUMAN CAPITAL Empowering our people through a culture of inclusivity, accountability, continuous learning, and opportunities that enable them to perform at their best. IMPACTFUL ESG Guided by our three ESG pillars— People, Planet, and Partnership— we strive to create sustainable growth while making a positive impact on society and the environment. VALUE CREATION With our 8 unique development DNA, we shape communities where people can work, live, learn, shop, and play—creating sustainable, thriving environments for all. EMPOWERING COMMUNITIES Supporting and uplifting communities through meaningful CSR initiatives supported by Tropicana Foundation.
ABOUT THIS REPORT Tropicana Corporation Berhad (“Tropicana” or “Group”) is pleased to present its Integrated Annual Report 2025 (“IAR2025”) for the financial year ended 31 December 2025 (“FY2025”). IAR2025 has been developed to provide comprehensive communication of Tropicana’s strategy, governance, performance, and prospects, in line with the Integrated Reporting (“IR”) Framework, underpinned by the prescribed 6 Capitals, 7 Guiding Principles, and 8 Content Elements. The IAR2025 was produced based on the following considerations: Disclosure requirements under the Integrated Reporting framework, as well as other standards and frameworks, such as: • Main Market Listing Requirements (“MMLR”) of Bursa Securities Malaysia Berhad (“Bursa Securities”) • Malaysia Financial Reporting Standards (“MFRS”) • Bursa Malaysia Sustainability Reporting Guide, 3rd Edition 2022 • FTSE4Good Index Disclosures (FTSE Russell’s ESG Data Model) • Global Reporting Initiative 2021 (“GRI”) • Malaysian Code on Corporate Governance (“MCCG”) • Companies Act 2016 (“Act”) • ISO 9001:2015 • IFRS S1 (General Requirements for Disclosure of Sustainability- related Financial Information) • IFRS S2 (General Requirements for Climate-related Disclosures) Identified gaps in AR2024’s reporting and development of necessary data collection and content strategies to drive desired improvements in reporting. Information gleaned from the Climate Risk Assessment Workshop, as well as meetings and briefing sessions between Tropicana and the external consultant, BDO. Adopting the Integrated Reporting framework as well as initiating the IFRS S1 and S2 frameworks. Considerations on the requirements of key stakeholders, such as regulators and investors, on disclosures. Exclusions have been made for data or information that cannot be internally verified for authenticity or is incomplete or immaterial to the Group’s approach to value creation. IAR2025 has been prepared on the foundation of Integrated Thinking, which drives integrated decision-making and actions that consider the creation, preservation, and potential erosion of value across the short, medium, and long-term. Tropicana’s transition to IR offers meaningful insight into the Group’s journey towards embedding Integrated Thinking throughout the organisation, while clearly demonstrating the connections between our capitals, business model and strategies, developments within the operating environment, target setting and aspirations, as well as other pertinent factors, including our sustainability statement. BASIS OF PREPARATION & REPORTING 6 7 8 CAPITALS GUIDING PRINCIPLES CONTENT ELEMENTS 1. Strategic focus and future orientation 2. Connectivity of information 3. Reliability and completeness 4. Conciseness 5. Consistency and comparability 6. Materiality 7. Stakeholder relationships 1. Organisational overview and external environment 2. Governance 3. Business model 4. Risks and opportunities 5. Strategy and resource allocation 6. Performance 7. Outlook 8. Basis of preparation and presentation Financial Intellectual Natural Manufactured Human Social and Relationship The IR Framework is anchored on the following principles-based guidance for a more cohesive and efficient approach to corporate reporting. 02
CONTENTS GROUP OVERVIEW 08 2025 at a Glance 10 Corporate Information 12 Corporate Structure 14 2025 Events & Highlights 34 Significant Milestones 38 Our Commitment to Excellence GOVERNANCE 189 Directors’ Profile 194 Senior Management Profile 200 Corporate Governance Overview Statement 216 Additional Compliance Information 217 Statement on Risk Management & Internal Control 226 Audit Committee Report SUSTAINABILITY 94 Sustainability Milestones 95 About This Sustainability Statement 97 Sustainability Governance 98 Integration of Sustainability Risks & Opportunities 99 Stakeholder Engagement 102 Materiality Assessment 103 Summary of Sustainability Performance & Targets 107 Partnerships & Industry Engagement 108 Alignment with United Nations Sustainable Development Goals 110 Economic Sustainability 135 Social Responsibility 151 Environmental Responsibility 178 Corporate Governance 181 Statement of Assurance 184 Bursa Malaysia Prescribed Table MANAGEMENT DISCUSSION & ANALYSIS 40 Management Discussion & Analysis 42 Overview & Property Market Outlook 48 Our Key Priorities 49 Achievements & Future Growth 50 The Tropicana Journey & Market Traction 58 Expanding Our Foothold 60 Ongoing Developments 66 Upcoming Developments 69 Investment Properties 70 Appreciation 71 Performance at a Glance 73 Financial Highlights & Insights 76 Value Added Statement 77 Financial Calendar 78 Our Value Creation 80 Our Capitals & Business Model 83 Our Operating Environment 84 Investor Relations 85 Quality Commitment 86 Quality Finish 01 04 FINANCIAL STATEMENT & OTHER INFORMATION 231 Statement of Directors’ Responsibility 232 Financial Statements 380 Analysis of Shareholdings 383 Analysis of Irredeemable Convertible Preference Shareholdings 384 List of Properties 394 Group Directory 396 Notice of Forty-Seventh Annual General Meeting 404 Administrative Guide & Proxy Form 05 03 02 This Annual Report is available online, scan this QR to our corporate website Important notice: All information is accurate as of the date of print and finalisation on 30 April 2025. Any subsequent updates will be reflected on Tropicana’s digital platforms. 03
SIGNATURE DEVELOPMENTS PENINSULAR MALAYSIA – CENTRAL TROPICANA GOLF & COUNTRY RESORT Petaling Jaya, Selangor Residential Ana & Bella Linked Houses Cora & Dora Semi-Detached Houses Eva Townhouses Green Acres 1 Gloria & Floria Semi-Detached Houses Green Acres 2 Linked Houses Green Acres 2 Semi-Detached Houses Green Acres 2 Bungalows Green Acres 2 Prime Bungalow Lots Casa Tropicana Condominiums Tropicana Grande Golf-Fronted Condominiums Mixed-Use Development Merchant Square Shop Offices Tropicana Avenue Serviced Apartments, Retail & Offices TROPICANA INDAH RESORT HOMES Petaling Jaya, Selangor Residential Adam & Eve Linked Houses Grand Villas Bungalows Green Haven Bungalow Lots Green Haven 1 Resort Villas Golf Villas Bungalows Link Villas Linked Houses Mustika & Persona Linked Houses Pool Villas Semi-Detached Houses Romeo & Juliet Linked houses Villa Green 1 Linked Bungalows Villa Green 2 Semi-Detached Houses Villa Green Semi-Detached Houses Casa Indah 1 & 2 Condominiums Education St. Joseph’s Institution International School Malaysia (Tropicana PJ Campus) ¹ 3 DAMANSARA1 (formerly known as Tropicana City) Petaling Jaya, Selangor Residential Casa Damansara 1 & 2 Condominiums Tropicana City Tropics Serviced Apartments Retail & Commercial Damansara Intan e-Business Park 3 Damansara Mall (formerly known as Tropicana City Mall) 1 3 Damansara Office Tower (formerly known as Tropicana City Office Tower) 1 TROPICANA GARDENS Petaling Jaya, Selangor Residential Arnica Serviced Residences Bayberry Serviced Residences Cyperus Serviced Residences Dianthus Serviced Residences Mixed-Use Development Edelweiss Serviced Residences, SOFO & Shoppes Tropicana Office Tower IOI Mall Damansara (formerly known asTropicana Gardens Mall)¹ TROPICANA CHERAS Sungai Long, Selangor Residential Tropicana Cheras Linked Houses Tropicana Cheras Semi-Detached Houses Tropicana Cheras Bungalows TROPICANA HEIGHTS Kajang, Selangor Residential Fairfield Residences Lakefield Residences Parkfield Residences Ridgefield Residences TROPICANA METROPARK Subang Jaya, Selangor Residential Pandora Serviced Residences Paloma Serviced Residences Paisley Serviced Residences Mixed-Use Development SouthPlace 1 Serviced Residences & Shoppes SouthPlace 2 Serviced Residences & Shoppes Education Sri KDU International School (formerly known as GEMS International School)¹ TROPICANA AMAN Kota Kemuning, Selangor Residential Aman 1 Residences Arahsia Residences Bayan Residences Cheria Residences Dalia Residences Elemen Residences Freesia Residences Gemala Residences Hana Residences 04
Retail & Commercial Sinaria Shop Offices Triana Shop Offices Umara 2 & 3 Storey Shop Offices Varia Shop Offices Education Tenby International School TROPICANA ALAM Puncak Alam, Selangor Residential Avisa Residences - Modern Terrace Homes (Phase 1) Avisa Residences - Premium Green Terraces (Phase 2) Retail & Commercial Shop Offices TROPICANA UPCOMING TOWNSHIP Cyberjaya, Selangor Mixed-Use Development Serviced Apartments & Retail TROPICANA PARADISE Genting Highlands, Pahang Residential Tropicana Paradise Villa Lots Tropicana Paradise Serviced Suites Tropicana Paradise Bungalow lots TROPICANA GRANDHILL Genting Highlands, Pahang Residential TwinPines Serviced Suites 05
TROPICANA AVALON Genting Highlands, Pahang Mixed-Use Development Breeze Hill Shoppes & Service Apartments OTHER DEVELOPMENTS IN THE CENTRAL REGION Residential Casa Suites Apartments, Petaling Jaya, Selangor Tropicana Miyu Condominium, Petaling Jaya, Selangor**** Fortune Park Apartments, Kuala Lumpur Casa Kiara 1 & 2 Condominiums, Mont’ Kiara, Kuala Lumpur* Township, Mixed-Use Development & Hospitality TSB Commercial Centre, Sungai Buloh Arena Mentari Shop Offices, Dataran Mentari, Petaling Jaya, Selangor** The Residences & W Kuala Lumpur Hotel , Kuala Lumpur1 PENINSULAR MALAYSIA – NORTHERN TROPICANA CENANG Langkawi, Kedah Residential Assana Serviced Suites Merissa Serviced Suites Clarissa Serviced Suites TROPICANA SHORES Pantai Kok, Langkawi Residential Odesea Serviced Apartments TROPICANA LAGOON Tanjung Rhu, Langkawi Residential Maia Solana Townhouses & Serviced Suites Maia Calista Townhouses & Serviced Suites Maia Estela Townhouses & Serviced Suites Maia Marina Serviced Suites OTHER DEVELOPMENTS IN THE NORTHERN REGION Residential 10 Island Resort Condominiums, Penang Hospitality Courtyard by Marriott Mixed-Use Development Aston Villa Linked Houses & Semi-Detached, Bukit Mertajam, Penang Aston Villa Shop Offices, Bukit Mertajam, Penang Tropicana 218 Macalister Mixed-use Development PENINSULAR MALAYSIA – SOUTHERN TROPICANA DANGA BAY*** Iskandar Malaysia, Johor Residential Tropez Serviced Suites Bora Serviced Apartments TROPICANA DANGA COVE*** Iskandar Malaysia, Johor Residential Ayera Residences, Phase 1 Ayera Residences, Phase 2A Ayera Residences, Phase 2B Mixed-Use Development Oasis Shop Offices Oasis 2 Shop Offices Oasis 3 Shop Offices TROPICANA UPLANDS Gelang Patah, Johor Residential Aster Heights Residences Fraser Heights Residences Mixed-Use Development Summit Commercial Hub LIDO WATERFRONT BOULEVARD Johor Bahru, Johor Residential Skypark Kepler, Lido Waterfront Boulevard***** EAST MALAYSIA – SABAH TROPICANA LANDMARK Kota Kinabalu, Sabah Residential Tropicana Landmark Condominiums Note: * Project Manager ** Joint-venture project with Aliran Firasat Sdn Bhd *** Joint-venture Project with Iskandar Waterfront Sdn Bhd **** Joint-venture Project with Temokin Holdings Sdn Bhd ***** Joint-venture Project with Banyan Group 1 Built by Tropicana & Sold to Other Corporation 06
GROUP OVERVIEW 08 2025 at a Glance 10 Corporate Information 12 Corporate Structure 14 2025 Events & Highlights 34 Significant Milestones 38 Our Commitment to Excellence 01 ART OF LIVING At Tropicana, we are at the forefront of creating communities and forging liveable cities. 07
TOTAL REVENUE RM1.5 billion in FY2025* NET ASSETS PER SHARE RM1.63 in FY2025* CURRENT LANDBANK 1,349.7 acres* TOTAL POTENTIAL GDV Estimated more than RM102.6 billion* TOTAL UNBILLED SALES RM2.0 billion in FY2025* PRESTIGIOUS AWARDS Won more than 180 awards to date. Bagged 20 notable awards in 2025 • 1 ASIA RECORDS • 1 2025 PUTRA ARIA BRAND AWARDS • 1 TDM TRAVEL TRADE EXCELLENCE AWARDS 2025 • 1 ESG PLUS AWARDS 2025 • 1 MALAYSIA DEVELOPER AWARDS 2025 • 3 TOURISM INDUSTRY AWARDS 2025 • 4 PROPERTYGURU ASIA AWARDS MALAYSIA in partnership with iproperty.com.my 2025 • 1 ASIA PACIFIC PROPERTY AWARDS 2025 • 2 HUBEXO ELITE AWARDS 2025 • 5 THE STARPROPERTY AWARDS 2025 TEAMWORK Over 1,007 employees Servicing property owners from 44 countries around the world COMMUNITY Tropicana Foundation has donated over RM56.8 million since its inception in 2011 TOTAL DEVELOPMENT 20 townships 100 completed developments 32,377 completed units OUR PRESENCE & OPERATIONS • Tropicana Gardens Office Tower (HQ) • Tropicana Golf & Country Resort Office • Tropicana Property Gallery • Tropicana Metropark Property Gallery • Tropicana Aman Property Gallery • Tropicana Alam Property Gallery • Tropicana WindCity Property Gallery • Tropicana Cenang Property Gallery & Office • Lido Waterfront Boulevard and Tropicana Danga Bay Property Gallery • Tropicana Uplands Property Gallery & Office * As of 31 December 2025 2025 AT A GLANCE * Upcoming township, pending authority approval. AR 2025 | GROUP OVERVIEW 08
12 13 23 25 22 24 6 5 15 17 16 8 9 7 4 10 1 14 18 21 19 20 11 2 3 26 MALAYSIA Peninsular - Central Peninsular - Northern Peninsular - Southern East Malaysia - Sabah 1 2 3 4 18 19 20 21 22 23 24 25 26 5 9 10 11 12 14 13 15 16 17 6 7 8 * 09
CORPORATE INFORMATION AS AT 24 MARCH 2026 BOARD OF DIRECTORS Tan Sri Dato’ Sri Mohamad Fuzi Bin Harun Chairman, Independent Non-Executive Director Tan Sri Dato’ Tan Chee Sing Group Executive Vice Chairman Din Tan Yong Chia Deputy Group Chief Executive Officer Dion Tan Yong Chien Group Non-Independent Non-Executive Director Jared Ang Tzer Shen Group Non-Independent Non-Executive Director Datuk Mark Victor Rozario Non-Independent Non-Executive Director Datuk Wira Lye Ek Seang Independent Non-Executive Director Vivienne Cheng Chi Fan Independent Non-Executive Director Datuk Tan Mann Chai, JP Independent Non-Executive Director Emelia Binti Matrahah Independent Non-Executive Director AR 2025 | GROUP OVERVIEW 10
AUDIT COMMITTEE Emelia Binti Matrahah (Chairperson) Datuk Tan Mann Chai, JP Vivienne Cheng Chi Fan RISK MANAGEMENT AND SUSTAINABILITY COMMITTEE Datuk Tan Mann Chai, JP (Chairperson) Vivienne Cheng Chi Fan Datuk Wira Lye Ek Seang Emelia Binti Matrahah Din Tan Yong Chia Jared Ang Tzer Shen NOMINATION AND REMUNERATION COMMITTEE Vivienne Cheng Chi Fan (Chairperson) Datuk Wira Lye Ek Seang Datuk Tan Mann Chai, JP HEAD OFFICE Unit 1301, Level 13 Tropicana Gardens Office Tower No. 2A, Persiaran Surian Tropicana Indah 47810 Petaling Jaya Selangor Darul Ehsan T +603 7663 6888 F +603 7663 6688 REGISTERED OFFICE Unit 1301, Level 13 Tropicana Gardens Office Tower No. 2A, Persiaran Surian Tropicana Indah 47810 Petaling Jaya Selangor Darul Ehsan T +603 7663 6888 F +603 7663 6688 AUDITORS Ernst & Young PLT Chartered Accountants Level 23A, Menara Milenium Jalan Damanlela Pusat Bandar Damansara 50490 Kuala Lumpur T +603 7495 8000 F +603 2095 9076 SHARE REGISTRAR Securities Services (Holdings) Sdn Bhd Level 7, Menara Milenium Jalan Damanlela Pusat Bandar Damansara Damansara Heights 50490 Kuala Lumpur T +603 2084 9000 F +603 2094 9940 COMPANY SECRETARIES Chan Tze Leong (MAICSA 7012224) SSM PC No.: 202208000306 Chua Siew Chuan (MAICSA 0777689) SSM PC No.: 201908002648 Chin Mun Yee (MAICSA 7019243) SSM PC No.: 201908002785 PRINCIPAL BANKERS Alliance Islamic Bank Malaysia Berhad CIMB Bank Berhad HSBC Amanah Malaysia Berhad Malayan Banking Berhad WEBSITE www.tropicanacorp.com.my EMAIL corpcomm@tropicanacorp.com.my STOCK EXCHANGE LISTING Main Market Bursa Malaysia Securities Berhad Stock Name: TROP Stock Code : 5401 For more information on our Corporate Information, please scan this QR code 11
PROPERTY DEVELOPMENT, PROPERTY MANAGEMENT, PROPERTY INVESTMENT, RECREATION AND RESORT OPERATIONS Arah Pelangi Sdn Bhd 100% Bakat Rampai Sdn Bhd 100% • Dicorp Land Sdn Bhd 100% • Tropicana City Sdn Bhd 100% - Dicasa Management Services Sdn Bhd 100% - Tropicana City Management Sdn Bhd 100% - Tropicana Kajang Hill Sdn Bhd 100% - Tropicana Parking Sdn Bhd 100% • Tropicana Indah Realty Sdn Bhd 100% - Tropicana Indah Sdn Bhd 70% Bestari Golden Sdn Bhd 100% Bestari Violet Sdn Bhd 100% Bestari Zamrud Sdn Bhd 100% Daya Petaling Sdn Bhd 100% Marvelscape Sdn Bhd 100% Myxon (M) Sdn Bhd 100% Pixelcloud Sdn Bhd 100% • Cenang Resort Sdn Bhd 100% Suasana Metro Sdn Bhd 70% Suci Padu Resources Sdn Bhd 100% Supreme Converge Sdn Bhd 100% Tropicana Acehub Sdn Bhd 100% • Lido Waterfront Boulevard Sdn Bhd 65% - Lido Waterfront Duty Free Sdn Bhd 60% Tropicana Alam Sdn Bhd 100% Tropicana Aman Sdn Bhd 100% • Sapphire Step Sdn Bhd 100% Tropicana Bestari Silver Sdn Bhd 100% Tropicana Cheras Sdn Bhd 100% Tropicana Danga Bay Land Sdn Bhd 100% • Desiran Realiti Sdn Bhd 100% • Tropicana Danga Bay Sdn Bhd 100% Tropicana Danga Cove Holding Sdn Bhd 100% • Tropicana Danga Cove Sdn Bhd 50% Tropicana Danga Lagoon Development Sdn Bhd 100% • Tropicana Danga Lagoon Land Sdn Bhd 100% • Tropicana Danga Lapanbelas Sdn Bhd 100% Tropicana Danga Lagoon Garden Sdn Bhd 100% Tropicana Danga Lagoon Sdn Bhd 100% • Tropicana Lagoon Sdn Bhd 100% Tropicana Danga Senibong Holding Sdn Bhd 100% • Selesa Rakyat Sdn Bhd 100% Tropicana Development (Johor Bahru) Sdn Bhd 100% Tropicana Development (Penang) Sdn Bhd 100% Tropicana Development (Sabah) Sdn Bhd 100% Tropicana Development (Sg Besi) Sdn Bhd 100% Tropicana Entertainment and Retail Sdn Bhd 100% Tropicana Firstwide Sdn Bhd 100% Tropicana Golf & Country Resort Berhad 100% • Spring Garden Star Sdn Bhd 51% • Tropicana Desa Mentari Sdn Bhd 100% • Tropicana Management Services Sdn Bhd 100% • Tropicana Sungai Buloh Sdn Bhd 100% Tropicana GP Views Sdn Bhd 100% Tropicana Harapan Sdn Bhd 100% • Tropicana Temokin Sdn Bhd 51% Tropicana Inspirasi Sdn Bhd 100% • Tropicana Inspirasi Impian Sdn Bhd 100% • Tropicana Inspirasi Indah Sdn Bhd 100% Tropicana Jaya Sdn Bhd 100% Tropicana Kiara Lestari Development Sdn Bhd 100% Tropicana Kiara Lestari Land Sdn Bhd 100% Tropicana Lahad Datu Development Sdn Bhd 100% Tropicana Land (Sandakan) Sdn Bhd 100% Tropicana Land Sdn Bhd 100% Tropicana Landmark Sdn Bhd 100% Tropicana Lingkaran Utama Sdn Bhd 100% • Tropicana Southern Gallery Sdn Bhd 100% Tropicana Macalister Avenue (Penang) Sdn Bhd 100% Tropicana Makmur Arif Sdn Bhd 100% Tropicana Makmur Cahaya Sdn Bhd 100% Tropicana Makmur Duta Sdn Bhd 100% Tropicana Makmur Erat Sdn Bhd 100% Tropicana Makmur Gagah Sdn Bhd 100% Tropicana Makmur Irama Sdn Bhd 100% Tropicana Makmur Peluang Sdn Bhd 100% CORPORATE STRUCTURE AS AT 24 MARCH 2026 AR 2025 | GROUP OVERVIEW 12
OTHER INVESTMENTS Tropicana Mentari Development Sdn Bhd 100% • Tropicana Sierra Sdn Bhd 100% • Urban Discovery Sdn Bhd 100% Tropicana Metro Sdn Bhd 100% Tropicana Metropark Sdn Bhd 100% • Tropicana Gems Education Sdn Bhd 100% Tropicana Properties (Klang) Sdn Bhd 100% Tropicana Properties (Sabah) Sdn Bhd 100% Tropicana Properties (Sandakan) Sdn Bhd 100% Tropicana Property Management Sdn Bhd 100% Tropicana Residences Sdn Bhd 100% Tropicana Resort Holding Sdn Bhd 100% • Tropicana Danga Bay Resort Sdn Bhd 60% Tropicana Rhythm Crest Sdn Bhd 100% Tropicana Sanctuary Development Sdn Bhd 70% Tropicana Scenic Development Sdn Bhd 100% Tropicana Serdang Suria Sdn Bhd 100% Tropicana Seri Aliran Sdn Bhd 100% Tropicana Seri Bakat Sdn Bhd 100% Tropicana Seri Damai Sdn Bhd 100% Tropicana Seri Dutaan Sdn Bhd 100% Tropicana Seri Fauna Sdn Bhd 100% Tropicana Seri Irama Sdn Bhd 100% Tropicana Seri Jalur Sdn Bhd 100% Tropicana Seri Jutaan Sdn Bhd 100% Tropicana Seri Meranti Sdn Bhd 100% Tropicana Seri Nipah Sdn Bhd 100% Tropicana Seri Orkid Sdn Bhd 100% Tropicana Seri Peluang Sdn Bhd 100% Tropicana Seri Resak Sdn Bhd 100% Tropicana Seri Riang Sdn Bhd 100% Tropicana Seri Segak Sdn Bhd 100% Tropicana Seri Sena Sdn Bhd 100% Tropicana Seri Tabah Sdn Bhd 100% Tropicana Seri Tujuan Sdn Bhd 100% Tropicana Tawau Development Sdn Bhd 100% Tropicana Wisma TT Sdn Bhd 100% Pavillion Palace Sdn Bhd 100% Advent Nexus Sdn Bhd 100% BK Utilities Sdn Bhd 100% Greenhouse Farm and Fishery Sdn Bhd 100% Lido Waterfront Land Sdn Bhd 100% Megaxis Sdn Bhd 100% • Tropicana Coliseum (Ipoh) Sdn Bhd 100% • Tropicana Paisley Sdn Bhd 100% - Tencomurni Sdn Bhd 100% • Tropicana Plaza Sdn Bhd 100% - Mesatria Sdn Bhd 100% • Tropicana Property Services Sdn Bhd 100% • Tropicana Saujana Sdn Bhd 100% - Alam Tiasa Sdn Bhd 100% Purple Pumkie Organic Farm Sdn Bhd 100% T Journey Collection Sdn Bhd 100% Tropicana Building Materials Sdn Bhd 100% Tropicana Collections (MM2H) Sdn Bhd 100% Tropicana Corporate Solutions Sdn Bhd 100% Tropicana Credit & Leasing Sdn Bhd 100% Tropicana Innovative Landscape Sdn Bhd 100% Tropicana Kemayan Development Sdn Bhd 100% Tropicana Landmark Education Sdn Bhd 100% Tropicana Laris Sdn Bhd 99% Tropicana New Energy Technology Sdn Bhd 100% Tropicana Privilege (M) Sdn Bhd 100% Tropicana Rahang Development Sdn Bhd 100% Tropicana Shared Services Sdn Bhd 100% Tropicana Subang South Development Sdn Bhd 100% Ultimate Support Sdn Bhd 100% Valley Talent Solutions Sdn Bhd 99% OTHER FOREIGN INVESTMENTS Tropicana Investment Consulting Pte Ltd 100% Tropicana Marketplace Sdn Bhd 100% • Marketplace (Hong Kong) Limited 100% 13
2025 EVENTS & HIGHLIGHTS Over the course of 46 years, Tropicana has established a strong track record of excellence, garnering over 180 industry awards. Continuing its mission to Redefine the Art of Living, the Group continues to unlock the value of its landbank, rolling out many exciting campaigns and developments, as well as collaborating with various global brands. With a focus on future-proofing its businesses, Tropicana remains steadfast to its 8 development DNAs and 3 ESG pillars. Here are the 2025 events and highlights. Q1 11 JAN 22 JAN 16 JAN Tropicana started the year strong, achieving a corporate milestone as Tropicana Uplands launched Fraser Heights and achieved 60% take-up. Tropicana Foundation teamed up with Tropicana Corporation Berhad, Tropicana Golf & Country Resort, and VitaHealth Malaysia for a CNY Meet & Greet Charity Outreach Programme. Together, they brought joy and happiness to 106 old folks and children from Amazing Grace Retirement Home and Juara Children’s Home. Tropicana won The People’s Choice Award at the Putra Aria Brand Awards 2024. This is the third win for the property developer and its second Gold achievement since the award’s inception in 2022. AR 2025 | GROUP OVERVIEW 14
03 FEB Tropicana offered more than RM2 million in prosperity packets to property buyers during the Lunar New Year, introducing a CNY Prosperity Campaign. At the same time, Tropicana rolled out an uplifting “Art of Serendipity” CNY brand film sharing the importance of home. 07 FEB Launched in 2020, Tropicana Miyu celebrated 3 key milestones, recording a strong 100% take-up, timely completion with ongoing VP handover, and a high 85% QLASSIC score. The freehold development perfectly balances rich history and modern culture while providing great connectivity and contemporary living. 06 FEB Launched in 2020, Tropicana Miyu celebrated 3 key milestones, recording a strong 100% take-up, timely completion with ongoing VP handover, and a high 85% QLASSIC score. The freehold development perfectly balances rich history and modern culture while providing great connectivity and contemporary living. 15
22 FEB Tropicana Grandhill hosted a TwinPines Bonanza Grand Draw event, rewarding its purchasers. The grand winner won a studio unit from TwinPines Serviced Suites worth RM461,000, while others walked away with RM15,000 worth of Samsung electronic products. 28 FEB For the financial quarter ended 31 December 2024, Tropicana recorded a revenue of RM520.9 million, which was RM151.8 million or 41.1% higher compared to the corresponding quarter in the preceding year. Tropicana’s financial position continues to improve, placing the Company in a comfortable position to deliver sustainable earnings. 03 MAR Tropicana Golf & Country Resort’s Selera Muhibbah Buffet 2025 was back better than ever, offering five rotating menus with over 200 dishes and 25 live cooking stations. Tropicana also invited 87 children from three homes to buka puasa and treated them with duit raya and goodie bags. AR 2025 | GROUP OVERVIEW 16
06 MAR Tropicana Avalon unveiled its latest integrated development in Genting Highlands, Breeze Hill Shoppes & Service Apartments. A ceremonial groundbreaking was held to mark the beginning of this signature project with the main contractor, China State Construction Engineering Malaysia. 12 MAR Tropicana offered more than RM50 million in green Raya packets to property buyers with its Ceria Raya Campaign. Tropicana also produced a heartwarming “Art of Tradition” Raya brand film that shares the importance of home, family, and keeping tradition and culture alive. 20 MAR Tropicana Metropark celebrated the handover of vacant possession for SouthPlace Residences and recorded a QLASSIC score of 85%. Jubilant homeowners moved into their serviced residences within the award-winning self-sustained satellite integrated township. 17
27 MAR Tropicana Foundation brought festive cheer to 7,900 underprivileged communities across Malaysia. Together with its corporate sponsors, the charity arm planned, sourced, packed & handed out cash, food packs, drinks, and dry goods to the B40 group, single mums, OKU, old folks, and orphanages. Q2 07 APR Tropicana Foundation contributed RM50,000 in cash and essential supplies to aid recovery efforts for families affected by the gas pipeline fire in Putra Heights. The contribution was in solidarity with the coordinated relief response under DAP’s donation drive. AR 2025 | GROUP OVERVIEW 18
25 APR Throughout the Raya month, Tropicana hosted four festive open houses across its Signature Property Galleries in Malaysia, welcoming more than 1,500 homeowners, visitors, and residents. Guests were treated to Raya delicacies, activities, performances, and a lucky draw. 25 APR 04 MAY Tropicana Metropark’s Hello Bazaar was announced to be back and to be held at the all-new pet-friendly commercial hub – SouthPlace Shoppes. Organised over a weekend, there was food and beverages, workshops, arts & crafts, fashion accessories, and live performances. OFFLINE 16 returned bigger and better— promoting mental wellness across Malaysia, while challenging participants to disconnect, reconnect, and recharge. Championed by VitaHealth and Tropicana, it kicked off in Penang, with a Pickleball Challenge involving 200 participants. 19
08 MAY In 2024, Tropicana became an official member of the 30% Club Malaysia. Entering into the second year, Tropicana showed its support by being one of the sponsors for their 10th anniversary celebration at the Securities Commission Malaysia. 09 MAY Tropicana Uplands hit two milestones as both its commercial and residential phases, Summit Commercial Hub and Aster Heights, achieved 100% take-up, while Fraser Heights phase 1 recorded 80% take-up. AR 2025 | GROUP OVERVIEW 20
15 MAY 16 MAY Tropicana appointed world-class architecture, engineering, and urban planning firm Skidmore, Owings & Merrill, to transform the 163-acre Lido Waterfront Boulevard masterplan. This strategic partnership aims to accelerate and drive the township into a dynamic metropolis of the Southern region. Tropicana won a Five-Star award for Best Residential High-Rise Architecture in Malaysia for SouthPlace 2 Residences & Shoppes, Tropicana Metropark at the Asia Pacific Property Awards 2025 – 2026. This is Tropicana’s 12th year of winning. 15 MAY Tropicana won 5 awards at the 10th StarProperty Real Estate Developer Awards 2025 and was named one of the Top 10 Developers in the country. This is the Group’s 9th consecutive win at the prestigious awards since its inception in 2016. 21
22 MAY 29 MAY Tropicana Metropark welcomed Mercato as its anchor tenant at SouthPlace Shoppes, adding further vibrancy to Subang Jaya. The 12th Mercato outlet in Malaysia offers shoppers a local and international selection with the added service of home delivery, adding convenience. For the financial period ending 31 March 2025, the Group recorded a revenue of RM260.4 million. Tropicana’s gross gearing level reduced from 0.43 times as of 31 December 2024 to 0.42 times as of 31 March 2025, while unbilled sales stood at RM2.1 billion. 23 MAY Tropicana Metropark’s SouthPlace Shoppes drew more than 3,000 visitors for the first-ever Corgi & Friends Market. The pet-friendly bazaar was a vibrant and fun event, with curated F&B and arts & crafts booths, live performance, a pet agility contest, a unique photo zone, and a lucky draw. AR 2025 | GROUP OVERVIEW 22
12 JUN Tropicana launched the UPgrade Campaign, offering stylish furnishings, smart home essentials, and financing solutions. A gamified campaign, it was open to Tropicana’s signature developments in the Klang Valley, Genting Highlands, Langkawi, and Johor. 19 JUN Tropicana hosted a 2-day Employee Wellness at Work event together with healthcare partner AIA Bhd. Employees could enjoy stress-free and fun activities, which culminated in a lucky draw session with prizes totalling up to RM33,000. 21 JUN OFFLINE 16’s second event was the Nature’s Retreat at FRIM, Kepong, which recorded 300 participants for a day of immersive activities focused on physical, mental, and environmental well-being. 23
Q3 02 JUL 17 JUL Skypark Kepler hosted the official opening of its show units and property gallery. Tropicana partnered with MBSB Bank, which offered a competitive margin of financing and tenures of up to 35 years for eligible purchasers, together with a special preferential rate. Tropicana Cenang celebrated the topping off of its award-winning phases 1 & 2 – Assana Serviced Suites and Merissa Serviced Suites. Both phases recorded 100% take-up, and launched the third and final phase – Clarissa Serviced Suites. 07 JUL OFFLINE 16 returned with a four-part event series backed by VitaHealth, Tropicana, and BIG Caring Group. It kicked off with a pickleball challenge, a Nature’s Retreat, and a Beach Cleanup in Sabah and announced the flagship event at Tropicana Golf & Country Resort in August. AR 2025 | GROUP OVERVIEW 24
27 JUL Tropicana Alam hosted a Muhibbah Run, attracting more than 3,000 enthusiastic runners to its show village at Puncak Alam. The township also unveiled its 4 brand-new show units, showcasing Tropicana Alam’s first GreenRE certified 2-storey Premium Green Terraces to all. 01 AUG Tropicana was honoured with the Top 10 Developers Award 2025 and recognised with the prestigious Elite Asia Awards at the 20th Hubexo Asia Awards. This is Tropicana’s 12th win as Top 10 Developer in Malaysia with the Awards Body. 05 AUG Tropicana Metropark collaborated with e-hailing service provider Kummute providing transport to additional stops between SouthPlace Shoppes, Tropicana Metropark, SS15 LRT Station, Subang Parade, and USJ Heights using an 11-seater Toyota HiAce and at a minimal charge. 25
19 AUG 09 AUG Tropicana partnered with Sunway Medical to support the welfare of the foreign workforce who have limited access to healthcare services. Tropicana Golf & Country Resort and Tropicana Alam acted as the healthcare screening programme centre for the 481 participants. Tropicana Golf & Country Resort bagged 3 prestigious awards at the Tourism Industry Awards 2025. The resort was named the Best Family Oriented Golf Club, Best Golf Tourism Experience and Best Golf Lifestyle Restaurant for Twenty7 Restaurant. 16 AUG The OFFLINE 16 flagship event was a great success, recording 310 participants. Positioned as the longest OFFLINE event in Malaysia, this first-of-a-kind event paid homage to World Mental Health Day and to VitaHealth and Tropicana’s ESG commitments. AR 2025 | GROUP OVERVIEW 26
14 SEPT 27 AUG Tropicana Metropark hosted its first-ever Commune Fest 2025 and drew more than 3,000 visitors. A vibrant and fun event, there were 50 stalls of curated Halal F&B and arts & crafts booths, live performances, a petting zoo, an inflatable balloon, and a lucky draw. For the financial period ending 30 June 2025, the Group recorded a revenue of RM590.5 million. Tropicana’s gross gearing level reduced from 0.43 times as of 31 December 2024, with the Group’s unbilled sales standing at RM2.1 billion. 03 SEPT Tropicana stays on track for its repayment plan by effectively paying back a tranche of Sukuk in H1 2025, and another tranche of Sukuk amounting to RM100 million on 3 September 2025 under the Sukuk Wakalah Programme, improving Tropicana’s financial position. 27
22 SEPT Tropicana celebrated two more green building milestones by receiving GreenRE certification for Tropicana Miyu and Tropicana Cenang’s Clarissa Serviced Suites. This initiative is aligned with Tropicana’s vision to connect communities and forge sustainable futures. Q4 24 SEPT Tropicana Foundation held its annual Furry Friends Programme 2025 at Second Chance Animal Society in Hulu Langat, supporting over 500 rescued dogs and cats. This year saw the introduction of a new youth development element with 10 teenagers and 2 teachers from Desa Amal Jireh invited to join as volunteers, alongside the Tropicana team. 08 OCT Tropicana successfully settles another tranche of RM139 million under its RM1.5 billion Sukuk Wakalah Programme. The Group’s gross gearing improved from 0.43 times as of 31 December 2024 to 0.42 times as of 30 June 2025, with unbilled sales remaining at RM2.1 billion. AR 2025 | GROUP OVERVIEW 28
08 OCT Tropicana bagged four awards at the PropertyGuru Asia Awards Malaysia with iProperty. Skypark Kepler @ Lido Waterfront Boulevard was honoured with the Best Branded Residential Development and the Best Ultra Luxury High-Rise Development (Southern), while Fraser Heights @ Tropicana Uplands won Best Mass Market Landed Development (Southern). Tropicana also received the People’s Choice Award – Top 10 Developer. 14 OCT Tropicana Avalon introduced Breeze Hill Shoppes and achieved 100% take-up on all its ground-floor units, with limited units available on the first floor. Celebrating this success, Tropicana Avalon sponsored the Viper Challenge to engage with the community and to encourage active living. 16 OCT Tropicana received the Top-of-theChart category at the Malaysia Developer Awards 2025 co-created by the Star Media Group and FIABCIMalaysia. Tropicana was recognised for its track record in developing sustainable townships across Malaysia. 29
01 NOV In celebration of the continued success of Tropicana Avalon’s Breeze Hill Shoppes, the Group sponsored Malaysia’s largest Viper Challenge and successfully attracted 3,000 participants. 01 NOV Tropicana and VitaHealth closed OFFLINE 16 for 2025 with a Coffee Rave and Halloween Fun Walk, at the Tropicana Metropark Property Gallery drawing 300 participants! 03 NOV Tropicana collaborated with the UN Global Compact Network Malaysia & Brunei, and Alliance Bank Malaysia Berhad to co-host the PROGRESS Climate Action Workshop for its supply chain partners. AR 2025 | GROUP OVERVIEW 30
14 NOV Tropicana continues to optimise its financial management and completes the issuance of RM300 million Tranche 4 Sukuk Wakalah under its Islamic Medium-Term Notes Programme, introduced in 2024. 17 NOV Aligning with its ESG and Smart Living commitments, Tropicana is the first property developer to integrate Go Daikin into its T360 mobile app, providing seamless home solutions. 25 NOV Participants can still participate in the UPgrade Campaign, which runs until 31 December 2025 and turn their dream home into a reality and stand a chance to win prizes worth up to RM140,000. 31
01 DEC 25 NOV Reinforcing its ESG commitments to community development, Tropicana extended its support to the Ulu Gerik Orang Asli village by helping to improve its water supply systems and infrastructure. Tropicana conducted its annual fire drill exercise for the safety and security of 750 employees and tenants at Tropicana Gardens Office Tower. 26 NOV For the financial period ended 30 September 2025, Tropicana recorded revenue of RM1.0 billion, representing an increase of 15.4% compared to the corresponding period of year 2024. AR 2025 | GROUP OVERVIEW 32
06 DEC Tropicana Foundation collaborated with Tropicana Golf & Country Resort for this year’s Season of Joy luncheon, which brought smiles and laughter to the children, youths and old folks from underprivileged backgrounds. 02 DEC TDM Travel Trade Excellence Awards 2025 Malaysia recognised Tropicana for its continued commitment to sustainable community building, transforming public spaces into vibrant and engaging environments that promote community well-being. 10 DEC Honouring Tropicana’s varied geographical placement and commitment to ESG practices, the Group was recognised with the Environmental Sustainability Award at the ESG Plus Awards 2025 and the Most Geographically Diverse Portfolio at The ASIA Records – Gather of Achievers (Property & Industry Edition). 33
SIGNIFICANT MILESTONES 1979 1992 1996~2009 Incorporation of Tropicana Group and the brand has since grown to become a household name in Malaysia Listed on the Main Market of Bursa Malaysia Securities Berhad Pioneered the resort-themed 625-acre township, Tropicana Golf & Country Resort (“TGCR”) Signed a strategic partnership with Perbadanan Kemajuan Negeri Selangor (“PKNS”) to develop a 405-acre township at Tropicana Indah Resort Homes (“TIRH”) Unveiled the 9-acre Tropicana City integrated development, now renamed to 3 Damansara Amassed over 1,000-acre of premium landbank in Petaling Jaya, TGCR and TIRH and received many accolades including FIABCI and The Edge Property Developers Awards 2012 2013 Accomplished the Tropicana amalgamation exercise and consolidated all properties and investment activities into Tropicana Group Achieved record revenue of RM1.48 billion and record sales of RM2.16 billion Signed a strategic partnership with Marriott International to develop Courtyard by Marriott, the first Courtyard Hotel in Malaysia. The hotel is part of the 2.1-acre Tropicana 218 Macalister in Penang Partnered with Iskandar Waterfront Sdn Bhd to build a 37-acre mixed development known as Tropicana Danga Bay, Johor Signed a JV agreement with Ivory Properties Group to build the 10 Island Resort condominiums on the prime 3-acre land in Batu Ferringhi, Penang Signed a strategic agreement with Starwood Hotels & Resorts Worldwide to build the first fivestar W Kuala Lumpur Hotel on the prime 1.3-acre land in KLCC Signed a JV agreement with Ivory Properties Group Berhad to develop 102acre of Penang World City mixed development in Bayan Mutiara, Penang Partnered with Iskandar Waterfront Sdn Bhd to develop 227-acre of Tropicana Danga Cove mixed development in Johor 2010~2011 AR 2025 | GROUP OVERVIEW 34
2014 2020 2015 2021 2013~2017 Signed a JV with HK-listed Agile Property Holdings Ltd to develop the 3.8-acre Agile Bukit Bintang at Kuala Lumpur Groundbreaking ceremony of St Joseph’s Institution International School Malaysia (Tropicana PJ Campus), Tropicana’s first education investment Tropicana 10-TEN digital campaign achieved record bookings of RM899 million Re-activated Tropicana Foundation initiative and won multiple CSR awards Signed an agreement with GEMS Education to develop a school campus in Tropicana Metropark, Subang Jaya Launched Arahsia Residences, the first phase development of the 863-acre township at Tropicana Aman, Kota Kemuning, a JV project with MBI Incorporated Tropicana 10-TEN digital campaign achieved record bookings of RM899 million Re-activated our Tropicana Foundation initiative and won multiple CSR awards Tropicana Foundation reached out to more than 20,000 underprivileged community members during the MCO period Won over 50 prestigious awards from 2013 to 2017. Honoured as one of the Top Ten Property Developers at The Edge Property Excellence Award 2017 and continued to gain recognition from various reputable awards Signed an agreement with Tenby Schools to develop an international school campus in Tropicana Aman, Kota Kemuning Rolled out its first digital campaign – Just Bid It in 2016. Tropicana reached out to the younger audience and first home buyers by allowing participants to bid for the units they wanted while earning daily tickets for raffles Launched the most comprehensive developer app in Malaysia – Tropicana 360 App Unveiled new revamped Tropicana corporate website and Tropicana Experiential Hall Rolled out Tropicana T.Living, “Your Home, Your Choice”, the first bespoke home personalisation series Tropicana achieved 100% vaccination goal for employees across its eco-system Tropicana Gardens Mall Convention Centre was one of the large vaccination centres for the Program Vaksin Selangor and provided immunity jab to more than 500,000 citizens Launched Tropicana Journey Collection: Tropicana Grandhill and Tropicana Cenang, a holiday homes series Signed a JV with Temokin Development Sdn Bhd to develop the 2.8-acre Tropicana Miyu condominium at Seksyen 17, Petaling Jaya 35
2022~2023 2024 Rolled out many strategic campaigns to spur sales and interests such as Multi-Million Mania, Home Step Fast/i, go-go- FIT, Prosperity Instant Ang Pau, Journey of a Lifetime, Power Up, Lucky Ang Pau, TropiQuest Campaigns Achieved property sales of RM1.3 billion in 2022 and 2023 Rolled out a series of festive brand films, reaching out to local and international buyers Reintroduced an improved version of its loyalty programme, T Privilege which is also a plug in to the Tropicana 360 mobile app Hosted 32 events from the largest Pingmin market to the Flash Raya Concert and organised mental wellness event Offline 16 Participated in 22 roadshows across Malaysia and Singapore Circulated 50 press releases to media members across Malaysia and Singapore covering all aspects of news announcements from property launches, financial results, signing ceremonies to CSR and ESG initiatives as well as brand collaborations Celebrated Tropicana’s 45th Anniversary, commemorated with a gala dinner themed 45 Years of Building Excellence with all our business partners, media members, bankers and vendors Tropicana earned global recognition with International 5-Star Award in best Mixed use Development Malaysia category at the International Property Awards 2022-2023 held in the United Kingdom Tropicana honoured at The Edge Malaysia Property Excellence, FIABCI Malaysia Chapter Awards and continued to win more than 20 prestigious awards from 2022 to 2023 Tropicana Seasons of Joy & Giving charity drive was a great success, raising more than RM100,000 in cash and products donations Superheroes descended on Tropicana Gardens Mall for the largest “The World of DC Exhibition” in Asia Reinforced its ESG commitments by introducing 3 Pillars – People, Planet & Partnerships Organised 5 campaigns such as FL45H Deals, Maybank MyDeco financing solutions and The Makeover Guys Delivered 5 Vacant Possessions for Gemala Residences, Freesia Residences, Aster Heights, Tropicana Miyu Condominium and SouthPlace Residences & Shoppes Formed 8 Partnerships with global brands such as Banyan Group, Samsung, Kohler, Maybank, Makeover Guys, GreenRE, Ikea and VitaHealth Developed/ Participated in 9 ESG Programs and won Gold at The Star’s ESG Positive Impact Awards 2024 Hosted 19 CSR Events such as the Raya outreach initiative for the underprivileged community, Mental wellness day Offline 16 and the Season of Joy & Giving donation drive Received 12 Awards from awards such as Best Apartment/ Condominium Asia Pacific and Best Affordable Housing/Landed Development in Asia to the People’s Choice Award – Top 10 Developers Raised RM56 million in donations through donation drives and CSR campaigns and initiatives Closed the Johor land sale successfully for RM383 million to NTT Data Group and RM240 million land deal with ZData Group High take-up announcement for Edelweiss Serviced Residences at Tropicana Gardens, Fraser Heights at Tropicana Uplands and Avisa Residences at Tropicana Alam Notably, Tropicana unveiled its first township, the 362-acre Tropicana Alam, in Puncak Alam AR 2025 | GROUP OVERVIEW 36
SIGNIFICANT MILESTONES 2025 Hosted 29 events from the first-ever Corgi & Friends market to the highly anticipated Hello Bazaar and supported several mental wellness events for Offline 16 Participated in 55 roadshows across Malaysia and Singapore Circulated 59 press releases to media members across Malaysia and Singapore, covering all aspects of news announcements from property launches, financial results, signing ceremonies, to CSR and ESG initiatives and brand collaborations Organised 3 campaigns such as CNY Prosperity Campaign, Ceria Raya Campaign, and the Upgrade campaign Delivered 3 Vacant Possessions for SouthPlace Residences @ Tropicana Metropark, Hana Residences @ Tropicana Aman, and Tropicana Miyu Formed 8 Partnerships with global brands such as Daikin, Kommute, Skidmore, Owings & Merrill, Maybank, and VitaHealth Developed/ Participated in 4 ESG Programs and achieved a high 4-star rating for ESG from BURSA Malaysia Hosted 6 CSR Events such as the Raya outreach initiative for the underprivileged community, Mental wellness day Offline 16, and the Season of Joy & Giving donation drive Received 20 Awards from awards, such as Top 10 Developers in the Top-ofthe-Chart (RM1 billion and above), Environmental Sustainability Award, and The Business Estate Award – Best Commercial Development, among others Raised RM 820,529 in donations through donation drives, CSR campaigns, and initiatives High take-up announcement for Assana Serviced Suites and Merissa Serviced Suites @ Tropicana Cenang, Shop Offices @ Summit Commercial Hub, Fraser Heights and Tropicana Miyu Launched 4 property developments, including Breeze Hill Tower A; Tropicana Avalon; Clarissa Block C &D, Tropicana Cenang; Skypark Kepler Tower A & B, Lido Waterfront Boulevard; and Fraser Heights Phase 2 & 3, Tropicana Uplands To discover more, please scan the QR code 55 6 4 37
OUR COMMITMENT TO EXCELLENCE Tropicana group continues to drive momentum and traction, gaining accolades and awards from peers and reputable organisations. Looking forward, we continue to strive for excellence and deliver sustainable results. ASIA RECORDS • Most Geographically Diverse Portfolio in recognition of our sustainable developments and integrated townships, such as our resort-style golf course townships, highland resort cities, and beachfront luxury developments by a single property developer PROPERTYGURU ASIA AWARDS MALAYSIA In partnership with iproperty.com.my 2025 • People’s Choice Award - Top 10 Developers • Best Mass Market Landed Development (Southern) • Best Ultra Luxury High-Rise Development (Southern) • Best Branded Residential Development THE STARPROPERTY AWARDS 2025 • The All-Stars Award – Best Performing Developers of 2025 • The Business Estate Award – Best Commercial Development • The Family-friendly Award – Best Family-Centric Development (Landed) • The Holiday Home Award – Best Vacation Property Development • The Southern Star Award – Best Southern Malaysia Development 2025 PUTRA ARIA BRAND AWARDS • Silver Award for Best Developer in the Property Category ASIA PACIFIC PROPERTY AWARDS 2025 • Best Residential High-Rise Architecture Malaysia TDM TRAVEL TRADE EXCELLENCE AWARDS 2025 • Serviced Apartment of the Year award ESG PLUS AWARDS 2025 • Environmental Sustainability Award MALAYSIA DEVELOPER AWARDS 2025 • Top 10 Developers in the Top-of-the-Chart (RM1 billion and above) HUBEXO ELITE AWARDS 2025 • Top 10 Developers Award 2025 • Elite Asia Award TOURISM INDUSTRY AWARDS 2025 • Best Family-Oriented Golf Club • Best Golf Tourism Experience • Best Golf Lifestyle Restaurant for Twenty7 Restaurant Scan to learn more about our achievements AR 2025 | GROUP OVERVIEW 38
20 13 MANAGEMENT DISCUSSION & ANALYSIS 40 Management Discussion & Analysis 42 Overview & Property Market Outlook 48 Our Key Priorities 49 Achievements & Future Growth 50 The Tropicana Journey & Market Traction 58 Expanding Our Foothold 60 Ongoing Developments 66 Upcoming Developments 69 Investment Properties 70 Appreciation 71 Performance at a Glance 73 Financial Highlights & Insights 76 Value Added Statement 77 Financial Calendar 78 Our Value Creation 80 Our Capitals & Business Model 83 Our Operating Environment 84 Investor Relations 85 Quality Commitment 86 Quality Finish 02 ART OF ENGAGEMENT While connectivity serves as the foundation for growth, digitisation acts as a driving force for the company to propel forward.
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