PETALING JAYA: IOI Properties Group (IOIPG) has acquired the Tropicana Gardens Mall in Tropicana Indah for RM680mil as part of its strategy to enhance its footprint in the retail sector. IOIPG has four other malls namely IOI Mall Puchong and IOI City Mall in Klang Valley, IOI Mall Kulai in Johor, and IOI Mall Xiamen in China.
The seven-storey Tropicana Gardens Mall has a total gross floor area of 2.95 million sq ft and a net lettable area (NLA) of 1.05 million sq ft 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.
"The group believes that it will provide a strong recurring income as it follows the successful model of IOI Malls and leveraging on its brand in providing a vibrant lifestyle experience filled with dynamic offerings," said chief executive officer Lee Yeow Seng.
IOIPG said the addition of Tropicana Gardens Mall will enlarge its total retail NLA to 5.4million sq ft.
The group has also recently completed the acquisition of the 150-room W Kuala Lumpur for RM270mil and the 199-room Courtyard by Marriott Penang for RM165mil, as well as a piece of freehold land in Pantai Kok, Langkawi at RM90.1 million for a proposed hotel development.