Property developer Tropicana Corp Bhd is acquiring 15 land parcels covering about 24.15 acres in Langkawi, Kedah for a total of RM195.88 million.
In a Bursa Malaysia filing on Tuesday, the group said its wholly owned subsidiary Tropicana Scenic Development Sdn Bhd (TSDSB) has signed two separate sale and purchase agreements for the acquisitions.
Under the first deal, TSDSB will acquire 14 parcels of land in Bandar Padang Lalang, Langkawi, from Maya Elemen Sdn Bhd for RM151.1 million. The site has been identified by the Langkawi Development Authority (Lada) as part of a key agro-tourism and commercial zone.
Tropicana said the land will support its strategy to expand into business-related and sustainable developments, with potential for residential and agro-tourism projects, backed by infrastructure improvements and rising tourism demand in the area.
In a separate transaction, TSDSB is also acquiring a leasehold parcel in Padang Matsirat from Tanjung Mali Resort Development Sdn Bhd for RM44.8 million. The site is located near Langkawi International Airport and is intended to strengthen the group’s landbank in high-growth locations.
The acquisitions will be funded through a mix of bank borrowings and internally generated funds.
Barring any unforeseen circumstances, the deals are expected to be completed in the fourth quarter of 2026.
Tropicana shares closed unchanged at RM1.20 on Tuesday, valuing the group at RM3.02 billion.
