[:en]KUALA LUMPUR (Feb 29): Property developer Tropicana Corp Bhd is acquiring a piece of leasehold land in Kota Damansara for RM224 million to be developed into a residential area comprising four to five tower blocks of serviced apartments, with an estimated gross development value of about RM2.8 billion.

The land, measuring 7.79 acres, is situated adjacent to Tropicana’s mixed development, Tropicana Gardens, which is at its final phase of development. As such, the land is expected to have good development potential moving forward, the group said in a bourse filing.

“The proposed acquisition will enable Tropicana Group to continue to capitalise on the success of Tropicana Gardens, leveraging on its vast amenities and realising the benefits of its maturity. The proposed acquisition represents an opportunity for Tropicana Group to replenish its landbank in prime location in Klang Valley,” Tropicana.[:]