Tropicana Corporation Bhd’s subsidiary, Tropicana Macalister Avenue (Penang) Sdn Bhd, has signed a sale and purchase agreement with IOI PFCC Hotel Sdn Bhd to sell Courtyard by Marriott Penang for RM165 million.

The transaction will generate a surplus cash of approximately RM80.8 million for Tropicana, contributing to a reduction in net gearing and an improvement in its financial position.

The move is in line with the company’s strategy to monetize land banks and investment properties.

Tropicana recorded RM1.4 billion in property sales in FY2023, with unbilled sales at RM2.3 billion, positioning the company well for sustainable earnings.

The disposal of Courtyard is part of Tropicana’s broader initiative to strengthen its market presence and achieve strategic divestment plans.

The company remains optimistic about the demand for properties in prime locations within its established townships.

Ongoing and new developments, such as SouthPlace Residences and Hana Residences, have experienced high take-up rates.

Tropicana plans to unveil eight new signature developments in 2024 with an estimated total GDV of over RM4 billion.

Overall, Tropicana holds a total landbank of 1,842 acres with a potential GDV of approximately RM120 billion, positioning the company favorably for unlocking the value of its strategic landbank and ensuring sustainable performance in the coming years.

Source: TheMalaysianReserve.com

Equalbase, which specialises in sustainable commercial and industrial logistics developments in Asia, is investing RM300 million for its first carbon-neutral logistics complex in Valdor, Penang.

Valdor I, spanning 4.6 hectares and over 600,000 square feet, will achieve over 50 per cent energy efficiency using Equalbase’s carbon-cured concrete, reducing carbon dioxide emissions by 30 per cent, compared to the average Malaysian warehouse.

With the capacity to produce 4,620 megawatt-hour (MWh) of solar energy yearly, Equalbase said the objective is to offset embodied carbon emissions over a 40-year period.

Equalbase executive director and managing partner at Northmod Paul Lee said the groundbreaking for the construction of Valdor I marks a significant milestone as it looks to strengthen its footprint in the region.

“Our focus on Penang is strategic as the state has a thriving and investor-friendly economy with a diverse array of companies in an established global business services environment,” he added.

Valdor I, set to be completed in the second quarter of 2025, is about six kilometres (km) to Batu Kawan Industrial Park and just over 30km to Penang International Airport.

Penang is developing Bandar Cassia Technology Park and Batu Kawan Industrial Park 3 for various industries, such as electrical and electronics, semiconductors and automotive.

To date, Equalbase has invested US$400 million and has completed over four million square feet of warehouse space in Malaysia.

Source: NST Online

IJM Perennial Development Sdn Bhd topped-out the Penang Waterfront Convention Centre (PWCC) on Tuesday.

PWCC, located in Gelugor, Penang, is set to be completed in 2Q2025, according to a press release dated Jan 23.

The Light City is jointly developed by IJM Corporation Bhd and Perennial Holdings Pte Ltd.

IJM Corporation group CEO and managing director Lee Chun Fai and Perennial Holdings executive chairman and CEO Pua Seck Guan concurred that PWCC will boost the Meetings, Incentives, Conferences and Exhibitions (MICE) sector and tourism industry in Penang.

“This event signifies more than just the nearing completion of a structure; it represents the realisation of our vision for The Light City. At the heart of the vision lies PWCC, a modern, state-of-the-art venue designed to facilitate connections, collaborations and innovation for both local and international communities. Its central role within The Light City underscores IJM’s commitment not only to constructing buildings but also creating spaces that actively contribute to the vibrancy and economic growth of Penang,” Lee said.

“Leveraging on our expertise in large-scale integrated mixed-use development, we are on track to not only elevate the MICE and retail standards in Penang, but also realise our vision of establishing The Light City as the finest integrated waterfront mixed-use development in Penang and the region for locals and the international community,” Pua commented.

PWCC sits atop retail mall The Waterfront Shoppes and has a gross floor area (GFA) of 330,000 sq ft. It features customisable column-free event space to host and support all kinds of events and scale such as international conferences, exhibitions, trade shows, seminars and live performances. The amenities provided in PWCC are a catering kitchen, sizable pre-function area, an open rooftop area, over 2,900 parking lots, 19 meeting rooms. It will also have a direct link to the hotels in The Light City.

The Light City is a 4.1 million sq ft freehold integrated development which is part of the 152-acre The Light Waterfront Penang masterplan. The Light City is developed in two phases with phase one consisting of PWCC; The Waterfront Shoppes with GFA of 1 million sq ft; residential project named Mezzo; as well as hotels and offices. Phase two will include an additional GFA of 500,000 sq ft to The Waterfront Shoppes; Lightwater Residences and other future developments.

Source: TheEdgeMalaysia.com

About Lucerne Residences

The final phase of residential development by Ideal Property Group at Ideal Vision Park in Bayan Lepas. It is just a short drive to Penang International Airport, 10 minutes walking distance to Straits International School. The project will see two blocks of 36-storey skyscrapers featuring a European living concept. It offers 480 residential units with a 5-storey parking podium.

Find out more about Lucerne Residences

In its recent meeting, the Monetary Policy Committee (MPC) of Bank Negara Malaysia announced the decision to maintain the Overnight Policy Rate (OPR) at 3%. The move is in line with the current assessment of the global and domestic economic landscape.

Globally, the economy continues to expand, driven by robust domestic demand and a resilient labor market. While signs of recovery are emerging in the electrical and electronics sector, global trade remains soft due to a shift from goods to services and ongoing trade restrictions. China’s economy shows improvement, but its recovery remains modest, primarily due to weaknesses in the property market. Although global inflation has edged downwards, it continues to be above average. The growth outlook is subject to downside risks, including geopolitical tensions, unexpected inflation outcomes, and increased volatility in global financial markets.

For Malaysia, the fourth-quarter GDP estimates confirm that the overall growth for 2023 aligned with expectations. Looking ahead, 2024 is anticipated to see improved growth supported by export recovery and resilient domestic expenditure. Factors such as employment and wage growth, increased tourist arrivals and spending, and ongoing investment activities contribute to the positive outlook. However, risks remain, including weaker external demand and larger declines in commodity production.

Inflation in Malaysia moderated in the fourth quarter, and both headline and core inflation for 2023 remained within expectations. For 2024, inflation is projected to remain modest, reflecting stable cost and demand conditions. The outlook is contingent on domestic policies regarding subsidies and price controls, along with global commodity prices and financial market developments. The government’s plan to review price controls and subsidies in 2024 will impact the inflation and demand outlook.

The recent movements in the ringgit are attributed to external factors and do not accurately reflect the current domestic economic performance. To mitigate the risk of increased volatility in global financial and foreign exchange markets, Bank Negara Malaysia will maintain sufficient liquidity to support the orderly functioning of the domestic foreign exchange market.

With the OPR at the current level, the monetary policy stance continues to be supportive of the economy, aligning with the assessment of inflation and growth prospects. The MPC emphasizes its vigilance to ongoing developments and commits to ensuring that the monetary policy remains conducive to sustainable economic growth while maintaining price stability.