Sunway City KL, July 24- Master Community Developer, Sunway Property, announced the success of its Signature Series 2024 campaign, achieving RM 1.1 billion in bookings across 14 properties nationwide.
This marks the third consecutive year of growth, with the achievement surpassing the RM 1 billion bookings in 2023 and RM 800 million in 2022.
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.
Tropicana Indah Sdn Bhd (“TISB”), an indirect 70%-owned subsidiary of Tropicana Corporation Berhad (“Tropicana” or “Group”), has signed a sale & purchase agreement (“SPA”) with IOI Mall Damansara Sdn Bhd (“IOI MD”), a wholly-owned subsidiary of IOI Properties Group Berhad (“IOIPG”), for the sale of Tropicana Gardens Mall (“TGM”) for a total consideration of RM680 million. This disposal will enable the monetisation of Tropicana’s investment property. The proceeds from the sale will be used to substantially reduce the Group’s debt, thereby improving the cash flow position and reducing interest expenses. This transaction aligns with the Group’s ongoing strategic initiatives to monetise its low-yielding landbanks and investment properties, providing the financial flexibility necessary to support future growth.
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