Tropicana ends proposal to acquire land

PETALING JAYA: Property developer Tropicana Corp Bhd has terminated a proposal to acquire 34.2ha leasehold land in Johor Baru from Iskandar Waterfront City Bhd (IWC).

In a filing with Bursa Malaysia, Tropicana said its special-purpose vehicle (SPV) Tropicana Danga Senibong Sdn Bhd (formerly known as Renown Dynamic Sdn Bhd) had exercised its right to terminate the sale and purchase agreement (SPA) signed on Dec 23, 2013, as the conditions precedent were not fulfilled in accordance with the SPA’s provisions.