Tropicana speeds up payment for Canal City

SHAH ALAM, 9 AUGUST: Tropicana Corp Bhd has finalized an additional deal with the Menteri Besar Selangor Inc (MBI) and Permodalan Negeri Selangor Bhd(PNSB) in regards to the payment for the Canal City land within Kota Kemuning.

Tropicana Corp Bhd said, the Sapphire Index Sdn Bhd will pay RM173 million to the Selangor government for a piece of land as wide as 308, 72 acres.


“Sapphire Indeks agreed to sell some to Prominent Stream Sdn Bhd and Ecoworld Group.”

“The agreed value of the land is at RM18.02 per square feet, for an area of 308, 72 acres to be develop,” said Tropicana to The Edge Malaysia.

According to Chief Minister, Tan Sri Abdul Khalid Ibrahim said the payment method will be according to sub sales of Tropicana of 308, 72 acres to EcoWorld Group for the value of Rm470.5 million earlier this year.

He also said that Tropicana has paid Rm800 million in advance for land as wide as 1,172 acres.

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