KUALA LUMPUR (April 28): Property developer Tropicana Corp Bhd (KL:TROP) is acquiring a total of 15 parcels of land measuring about 24.15 acres in Langkawi, Kedah for a total of RM195.88 million.

In a bourse filing on Tuesday, the group said its wholly-owned subsidiary Tropicana Scenic Development Sdn Bhd (TSDSB) has entered into two separate sale and purchase agreements for the land acquisitions.

Under the first agreement, TSDSB is acquiring 14 parcels of land in Bandar Padang Lalang, Langkawi, from Maya Elemen Sdn Bhd for RM151.1 million.

Tropicana said the site, identified by the Langkawi Development Authority (Lada) as a key agro-tourism and commercial zone, will strengthen its strategic presence in the area.

It added that the land is earmarked for business-related and sustainable development, with potential for residential and agro-tourism projects, supported by ongoing infrastructure upgrades and rising tourism demand.

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 land, located near Langkawi International Airport, is in line with the group’s strategy to expand its landbank in growth areas with strong development potential.

The acquisitions will be funded via a combination of bank borrowings and internally generated funds.

Barring 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.