KUALA LUMPUR (Oct 9): Property developer Tropicana Corp Bhd (KL:TROP) has inked an agreement to dispose of 38.527 acres of freehold land in Johor to a data centre company for RM239.99 million, marking its second land sale for such development in the region this year.

Tropicana Firstwide Sdn Bhd, the group's wholly owned subsidiary, has entered into a sales and purchase agreement with Computility Technology (Malaysia) Sdn Bhd for the asset disposal.  

Computility Technology is principally involved in the provision of infrastructure for hosting, data processing services and related activities, the group's bourse filing showed.

The company is wholly owned by ZData Cloud Technology Pte Ltd, which is an indirect subsidiary of ZData Technologies Co Ltd, a Beijing-based provider of cloud-network convergence and digitised IT infrastructure services.

This is the fifth major disposal by Tropicana over the past nine months. Just in August, Tropicana secured a RM383 million land deal with global IT service provider NTT Data Group, selling 68.457 acres of land in Gelang Patah, Johor.

The property group had also separately disposed of its three assets to IOI Properties Group Bhd (KL:IOIPG) over the period totalling RM1.115 billion.

This includes Tropicana's 70%-owned Tropicana Gardens Mall in Petaling Jaya (RM680 million), W Kuala Lumpur Hotel (RM270 million) and Courtyard by Marriott Penang (RM165 million).

Tropicana currently holds over 728 acres of prime land in Johor and unbilled sales of RM2.3 billion, according to its statement on Wednesday.

"With Tropicana’s strong presence and sizeable land bank in Johor, we play an effective role by offering strategic lands with good infrastructure facilities such as electricity, water and accessibility," Tropicana said.

Shares in Tropicana rose two sen or 1.55% to close at RM1.31 on Wednesday, giving the company a market value of RM3.01 billion. Year-to-date, the stock has gained 3.97%.