IOI Properties Group Berhad (IOI 置业集团, Stock code : 5249) continues to strengthen its business in its home base, Malaysia with RM1.21 billion in acquisitions over the past eight months.
IOI Properties Group Berhad (“IOIPG”) announced today that it is acquiring Tropicana Gardens Mall in Tropicana Indah, Petaling Jaya for RM680 million. This acquisition aligns with IOIPG’s growth strategy and enhances its footprint in the retail sector, providing an excellent platform to leverage on its expertise.
The seven-storey Tropicana Gardens Mall has a total gross floor area of 2.95 million square feet and a net lettable area (“NLA”) of 1.05 million square feet with an occupancy rate of approximately 77%. The mall is connected directly to Surian MRT station and it is accessible via four major highways. It is within the catchment of several matured townships such as Kota Damansara, Sunway Damansara and Mutiara Damansara, as well as the upcoming Kwasa Damansara development.
