KUALA LUMPUR (Oct 23): Tropicana Corp Bhd’s Assana Serviced Suites development in Langkawi is 90% taken up, according to a press release issued last Friday. Commanding a gross development value (GDV) of RM573 million, Assana Serviced Suites is the first phase of the developer’s 5.28-acre (2.14-hectare) Tropicana Cenang integrated mixed development project in Langkawi.
Tropicana Corp executive director of marketing and sales and business development Ixora Ang said: "The strong response for Tropicana's first signature development in Langkawi underscores the group's robust development DNA and market-driven approach. Besides, we are committed to the people and community of Langkawi through Tropicana's numerous social engagement initiatives."
Launched in November 2021, Assana Serviced Suites comprises 831 units in a 39-storey residential tower. The units come with built-ups from 380 sq ft and starting prices of RM500,000. Assana Serviced Suites is slated for completion in the first quarter of 2026, and comes with resort-themed facilities, such as a Jacuzzi, hammock garden, poolside cabanas, reflexology path and yoga terrace.
Following Phase 1, the developer launched the second phase or Merissa Serviced Suites in June.
“Our latest second phase, Merissa, offers the best of both worlds — a strategic location, fully furnished with low-density seafront units that are suitable as holiday homes,” Ang said.
Merissa Serviced Suites has a GDV of RM115 million and comprise 60 beachfront units in a low-rise building. Units are priced starting at RM1.71 million and have built-ups from 1,066 to 1,303 sq ft with two- and three-bedroom layouts ranging from duplex to intermediate and corner units. The project is slated for completion in March 2026.
According to Ang, Langkawi currently records the highest average daily hotel room rate (ADR) that will spur positive yields on short-term rental stay rates for developments that offer family- and group-sized accommodation options, such as the Assana Serviced Suites and Merissa Serviced Suites. “Based on our market analysis and benchmarking with neighbouring upscale hotels, the ADR [in Langkawi] hovers from RM360 to RM1,100, depending on the size and standard of the hotel room.
“With these observations, the property rental yield stands at an average of 9%, making our Langkawi development a good investment decision in Malaysia” she said.
According to the developer, Tropicana Cenang will comprise three development phases in total. The third phase will comprise a hotel and one serviced apartment tower. The development is located in proximity to the Langkawi International Airport, the ZON Duty Free, and Underwater World Langkawi.