OVERVIEW & MARKET OUTLOOK The year 2022 could best be termed as a post-pandemic recovery phase for the property sector. The road to recovery was led by government initiatives, improvements in sentiment among buyers and developers, and the opening of international borders. In this Management Discussion and Analysis (“MD&A”), we examine current market conditions, report our financial performance, reaffirm our key priorities and share the Group’s current and future road map. Focusing on Resilience Bank Negara Malaysia (“BNM”) reported gross domestic product (“GDP”) growth of 8.7% for 2022 which exceeded the 3.1% growth achieved in 2021. The strong growth indicated the recovery of consumer, business and investor confidence in the national economy. For 2023, the Malaysian economy is expected to expand at a more moderate pace amid a challenging external environment. Malaysia’s GDP growth is projected to ease to between 4% and 5%. On the property front, the National Property Information Centre (“NAPIC”) announced the double digit growth of total property transactions in 2022 amounting to 389,000, an increase of 29.5% compared to 300,497 in 2021. These positive transactions hit RM179.07 billion, reflecting the healthy growth in the sector. Additionally, backed by the government’s efforts to help the property sector, first-time homeowners are offered stamp duty exemption as well as various personal tax relief. Despite the increasingly challenging global economic environment, Tropicana has remained resilient and has even posted higher revenue of RM942.6 million in FY2022, with strong property sales backed by unbilled sales of RM2 billion as of 31 December 2022. Moving forward, the Group will maintain its focus on unlocking its prime landbank to drive growth while also continuing to develop innovative townships that are centred around its unique development DNA and ESG principles. 19 MANAGEMENT DISCUSSION & ANALYSIS
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