Magarac Island is the finishing area for the 'Sad Panda Skyblazing' activity, it will be highlighted by a blue star on your mini-map and purple smoke in game.
Land inside the purple smoke to successfully land and unlock the trophy.
The panda outfit makes you travel faster so bare this in mind when approaching, to slow down pull 
on your thumb stick.
Note: You do not have to complete the event to unlock this, you can land with less than the required amount of money.