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- Lido Waterfront Boulevard is a freehold, integrated mixed development, which will be built on 163 acres of reclaimed land, located along the Johor City Centre waterfront facing Singapore.
PETALING JAYA (Aug 27): Tropicana Corporation Bhd (Tropicana) will be soft-launching its two key developments in Johor — Lido Waterfront Boulevard in Johor City Centre and Fraser Hills in Tropicana Uplands, Gelang Patah — in the coming months.
The announcement was made today during an event marking the sale and purchase agreement between Tropicana Firstwide Sdn Bhd (TFSB), a wholly-owned subsidiary of Tropicana, and NTT GDC Malaysia, the indirect subsidiary of Japan-based NTT Data Group, for the sale of a piece of freehold land in Gelang Patah, Johor Bahru to the former.
“Since the announcement of the Johor-Singapore Special Economic Zone (JS-SEZ) in January 2024, we have seen a boost in demand for property across all sectors, especially for residential and commercial properties. This is clear when we look at the increased transaction volumes for residential units, and the increased rental values for purpose-built offices, which we will be integrating to our new developments,” said Tropicana managing director Ixora Ang in her presentation.
Lido Waterfront Boulevard (Lido) is a freehold, integrated mixed development, which will be built on 163 acres of reclaimed land, located along the Johor City Centre waterfront facing Singapore. Lido will have a gross development value (GDV) of RM34 billion, and its first phase, The Watermark residence, will be soft-launched around 4Q2024. The Watermark is located within a 7–10 minutes’ drive to the Bukit Chagar Station of the Johor Bahru–Singapore Rapid Transit System (RTS) line.
(Read also: Tropicana unveils plans of two mega townships worth over RM30b in Johor)
Meanwhile, Tropicana Uplands will be a 314-acre sustainable freehold township, strategically located within a 15–20 minutes’ drive from the Malaysia-Singapore Second Link Expressway and Senai International Airport.
Land sale to data centre operator deemed a partnership
On the sale of the 68.457 acres of freehold land in Gelang Patah for RM383 million to NTT GDC, it is for the development of a data centre.
“Johor is experiencing an exciting time with the rapid growth of its digital industry. We support Malaysia's vision to become a global destination for data centre operators to the world’s largest technology companies,” said Tropicana in a joint statement with NTT GDC.
“To us, this is not just an agreement, it is a partnership. We share a common vision with our esteemed partner, NTT Data. A vision where technology empowers, connects, and drives progress in all communities and businesses alike.
“The importance of data centres cannot be overstated, as we now live in an era of digital technology. Data centres ensure that all this data flows seamlessly and securely, to support the innovations that touch every aspect of our lives and society,” said Tropicana CEO Ong Chou Wen during his opening remarks at the event today held at the Tropicana Golf & Country Resort.
(Read also: Tropicana sells Johor land to Japanese data centre player for RM383m)
Tropicana also intends to strengthen its existing presence in the Iskandar Malaysia region with its remaining landbank.
“Tropicana has a strong presence in Johor, and close to a 1,000 acres of additional landbank in the region, which are ready to be utilised for a variety of developments, including data centres and mixed-use developments. This includes strategic landbank neighbouring our T Industrial Park, Pontian, as well as around Gelang Patah,” said Ong.
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