Tropicana Metropark’s central park worth RM800mil, total GDV RM7bil

Tropicana Corp Bhd’s 88-acre freehold integrated development, Tropicana Metropark in Subang Jaya, contains a 9.2-acre central park that is worth RM800mil.

The real estate developer carved out the portion of the land from the development to add value and a sense of wholesomeness to it.

“Otherwise, if we were to develop it for commercial or residential purposes, it would have had a gross development value (GDV) of RM800mil,” Tropicana project executive director Daniel Teh told StarBiz.

He said this after a press conference where Tropicana Metropark hosted a media preview of its transformation from an industrial site into a liveable one.

“With this park and wide surrounding walkways, residents and visitors would be able to enjoy the park for leisure or while walking home or to work,” Tropicana Corp group managing director Edmund Kong said.

He added that the park featured a man-made lake with a bio-filtration system to prevent mosquito breeding, a pedestrian promenade and a food-and-beverage strip for alfresco indulgence.

The overall 88 acres comprise serviced residences, retail units, business suites, small-office-home-office, a proposed shopping mall, a medical centre as well as an international school.

“The park will be ready by the end of this year. We will ready it before the handover to residents so that the park will have time to mature and the residents will be able to enjoy the park,” Kong said.

In January this year, the developer entered into an agreement to build an international school with GEMS Education on five acres in the vicinity. It will offer primary stages of learning up to tertiary A-levels.

Meanwhile, within Phase 1 of its residential portion, Pandora Serviced Residences has been 98% sold, while Paloma Serviced Residences & Courtyard Villas is 70% sold.

Kong said the average price ranged between RM600 and RM800 per sq ft. “Nearly all buyers are local,” he said. “The matured township around Tropicana Metropark is a good thing and an opportunity for us.”

The 5% of the 30% units allocated for bumiputra buyers have been sold.

Tropicana Metropark will have a GDV of RM7.2bil, while its residential and commercial portions will have a GDV of RM2.1bil and RM1bil, respectively. - By The Star