IOI Properties Group Berhad Expands in Malaysia with RM1.21 billion in Acquisitions 

Press Release: IOI Properties Group Berhad Expands in Malaysia with RM1.21 billion in Acquisitions 

▪ Tropicana Gardens Mall in Tropicana Indah, Petaling Jaya for RM680 million 

▪ Freehold land measuring 9.86 acres in Pantai Kok, Langkawi for RM90.1 million 

▪ Courtyard By Marriot Penang for RM165 million 

▪ W Kuala Lumpur for RM270 million 

Putrajaya, 23 July 2024 – 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. 

“Aside from its prime location and its excellent value propositions, Tropicana Gardens  Mall is already in operations for the past four years since its opening in March 2020. 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 Lee Yeow Seng, Group Chief Executive Officer of IOI  Properties Group Berhad.  

The acquisition of Tropicana Gardens Mall will expand IOIPG mall operations within the Greater  Klang Valley region, complementing its two existing malls in the area, namely IOI Mall Puchong and IOI City Mall, Putrajaya, currently the largest mall in the country at 2.5 million square feet NLA. 

The other two malls listed in its Property Investment segment are IOI Mall Kulai at 264,000 NLA  and IOI Mall Xiamen, China at 639,000 NLA. 

IOIPG’s total retail NLA will be enlarged to 5.4 million square feet with the addition of Tropicana  Gardens Mall. 

IOI City Mall, Putrajaya,

IOI Mall Puchong

IOI Mall Kulai

IOI Mall Xiamen, China

IOIPG is also proud to announce the recent successful completion of two major acquisitions,  namely, the 150-room W Kuala Lumpur for RM270 million and the 199-room Courtyard by Marriott  Penang for RM165 million.  

The W Kuala Lumpur and Courtyard by Marriott Penang are located within tourist attractions and  shopping areas within the financial district of Kuala Lumpur and the heart of UNESCO-listed  Georgetown, Penang. These two hotels will add 349 room keys to the existing 2,355 (including the  joint-ventured JW Marriott Hotel Singapore), totaling 2,704 room keys of all eight hotels under the  Group’s Hospitality & Leisure segment. 

These assets will allow the Group to have immediate presence in locations that are outside the  Group’s existing operations and it is anticipated that these assets will yield accretive earnings to  the Group’s future financial performance. 

The acquisition of the freehold land in Pantai Kok, Langkawi at RM90.1 million is intended for a  proposed hotel development and it is located within Telaga Harbour Marina in the east and Berjaya  Langkawi Resort in the west.  

The acquisitions are in line with the Group’s strategy to acquire and invest in high-quality  investment properties and hospitality assets. This aligns with the Group’s objective of increasing  contributions and expanding the portfolio of its Property Investment and Hospitality & Leisure  segments, which historically have been grown organically. 

Lee commented that IOIPG will always keep its options open for any opportunities, be it inorganic  expansions or collaborative ventures while progressing and developing its core business  segments in all three countries namely Malaysia, Singapore and China where it has its operations, to further strengthen its position as a property leader in the region. 

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