total cumulative payments under the programme to RM1.12 billion. In November 2025, Tropicana successfully completed the issuance of RM300 million IMTN, which was upsized from RM200 million due to robust investor demand and was oversubscribed, with a significant portion taken up by government-linked institutional investors. Moving forward, Tropicana will continue strengthening stakeholder engagement, focusing on value creation while implementing strategic marketing and sales initiatives across both online and offline platforms. The Group remains committed to sustaining its growth trajectory through improved sales performance, strategic monetisation of landbanks and investment properties, and continued financial optimisation. Reflecting this positive momentum, MARC Ratings revised Tropicana’s outlook to positive from stable with an A rating, recognising the Group’s improved balance sheet driven by successful deleveraging initiatives and asset disposals used to reduce borrowings. Against this backdrop, the Group believes that demand for properties in prime locations within Tropicana’s established, mature and developing townships will remain resilient, supported by attractive pricing strategies and targeted marketing campaigns. The Group also anticipates improved sales performance in Johor, driven by the Johor-Singapore Special Economic Zone and the Johor Bahru-Singapore RTS Link project. In line with these positive market dynamics, Tropicana will continue launching developments in strategic locations across the Klang Valley, Genting Highlands, as well as the Northern and Southern regions. Overall, the Group’s balance sheet as at 31 December 2025 remained robust, with total cash and bank balances and total equity of RM656.6 million and RM5,159.1 million respectively. The Group is well-positioned to continue executing its planned growth strategies. During FY2025, the Group also completed and delivered vacant possession for Hana Residences, Tropicana Aman at Kota Kemuning in the Klang Valley, which contributed to the Group’s improved financial performance. The Group’s unbilled sales stood at RM2 billion, placing the Company in a strong position to deliver sustainable earnings moving forward. With strong unbilled sales and strategic developments across Malaysia, Tropicana enters 2026 with confidence and optimism. As a community planner, the Group will continue to connect communities, forge better futures and deliver sustainable growth. 47
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