News roundup: Tropicana’s record revenue for FY2023, and other headlines

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For PropertyGuru’s news roundup, property developer Tropicana Corporation Berhad achieved record revenue of MYR1.51 billion in 2023. In other headlines, a cautious outlook on Macau’s property market for 2024 and India’s hotel and amusement associations ink a deal for industry collaboration.

Tropicana hits higher revenue of MYR1.51 billion in FY2023

In a filing to Bursa Malaysia, property developer Tropicana Corporation Berhad (“Tropicana” or “The Group”) reported its unaudited financial results for the fourth quarter ended 31 December 2023 (“FY2023”). The Group achieved a record revenue of MYR1.51 billion in FY2023, the highest in the past three financial years. Tropicana won the Best Developer award two years in a row (2020 and 2021) and was a People’s Choice Award winner in 2022 at the PropertyGuru Asia Property Awards (Malaysia).

The FY2023 revenue surged by 60.7% from the preceding year’s MYR942.6 million, mainly due to higher progress billings across key projects in the Klang Valley, Southern and Northern Regions, and the disposal of lands. The Group’s property investment, recreation and resort segment, has also seen a significant improvement with the increase in the occupancy rates of the hotels owned by the Group. In FY2023, the Group recorded a loss before tax (“LBT”) of MYR98.1 million, a reduced loss of 79.2% from the previous year.

“We are confident that Tropicana will continue to strengthen its market presence and contribute to its future earnings supported by our high unbilled sales of MYR2.5 billion and strong MYR1.4 billion property sales recorded across Malaysia,” the management emphasised to PropertyGuru Malaysia.

Cautious outlook as Macau’s residential market faces ongoing challenges in 2024 

Based on JLL’s newly released “2023 Macau Property Market Review”, Macau’s economy has gradually recovered. However, property assets continue to be under pressure due to factors such as high interest rates, and the recovery of the Macau property market will remain slow.

According to figures released by the Macau Gaming Inspection and Coordination Bureau, the total gaming revenue in 2023 reached approximately MOP183.06 billion, with a year-on-year increase of 333.8 percent. The growth momentum in the second half of the year was even more significant, reaching over 60 percent of pre-pandemic levels. The revenue from the VIP market in 2023 was approximately MOP45.19 billion, with a YoY increase of 345.3 percent, accounting for about 24.7 percent of the overall market. It reached about 30 percent of pre-pandemic levels.

In a World Property report, Mark Wong, Director of Value and Risk Advisory at JLL in Macau, said: “Macau’s local economy has gradually stabilized, and it is moving towards a path of diversified economic development. With the tourism industry making a strong recovery, there has been significant support for rental prices of commercial properties and residential units in the vicinity. However, investment sentiment remains subdued under a high-interest environment, as investors adopted a cautious stance towards property investments.”

Hotel, amusement park associations ink MoU for industry collaboration

The Federation of Hotel & Restaurant Association of India (FHRAI) signed an initial pact with the Indian Association of Amusement Parks and Industries (IAAPI) to strengthen collaboration and promote sustainable development within their respective industries.

As per the Memorandum of Understanding (MoU), the associations will explore collaborative opportunities and synergies, FHRAI said in a statement on The Indian Express.

The key areas of cooperation outlined in the MoU include the sharing of association publications such as in-house magazines, newsletters, and periodicals, as well as the dissemination of important news, information, and event details to respective members.

​​The Property Report editors wrote this article. For more information, email: [email protected].