The Tropicana address has long been associated with exclusivity. Most homes there are luxury bungalows, but new developments are mostly condominiums as land is now scarce and expensive.

Twenty years ago, Kota Damansara, Selangor, was a rural outpost not many people knew about. However, the pace of development has gradually turned it into one of the most sought-after townships in Petaling Jaya.

Maintain buy with an unchanged target price (TP) of RM3.60.

Rental yields in Kota Damansara are fairly decent, especially in two key markets – the lower end market and those that cater to the student population or are near amenities. Most projects provide an annual yield of above 4%, with monthly asking rent of RM1.50 to RM1.70 psf.

In Kota Damansara, the majority (44.3%) of non-landed property transactions were sold within the RM401 to RM600 psf bracket, followed by RM200 to RM400 psf (39.9%) and RM801 to RM1,000 psf (11.1%).

The office segment will remain challenging for Sunway REIT, with Ranhill WorleyParsons Sdn Bhd and Suruhanjaya Koperasi Malaysia leaving Sunway Tower and Sunway Putra Mall this year.

The Seremban land was to have an indicative gross development value (GDV) of RM7.5 billion. This was to be developed into a freehold township over a period of seven to eight years.

"Our goal, before we retire, is to turn Oriental Realty into a public-listed company"

For the 12 months to 3Q2014, just over half (52.8%) of all non-landed properties transacted in Kota Damansara were within the RM400,001 to RM500,000 price range.

For 2QFY15, Tropicana reported a core net profit of RM23.23 million (-74% y-o-y; +17% q-o-q), taking 1HFY15 core net profit to RM42.9 million