KUALA LUMPUR: IOI Properties Group Bhd is acquiring Tropicana Gardens Mall in Petaling Jaya for RM680 million.

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 77 per cent.

The mall is connected directly to Surian MRT station and it is accessible via four major highways.

The company said the acquisition aligns with its growth strategy and enhances its footprint in the retail sector.

The acquisition will expand IOI Properties' mall operations within the 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.

The group's total retail NLA will balloon to 5.4 million square feet with the addition of Tropicana Gardens Mall.

"The group believes that it will provide a strong recurring income as it follows the successful model of IOI Malls and leveraging onits brand in providing a vibrant lifestyle experience filled with dynamic offerings," said group chief executive officer Lee Yeow Seng in a statement.

The company also completed two major acquisitions namely the 150-room W Kuala Lumpur for RM270 million and the 199-room Courtyard by Marriott Penang for RM165 million.

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 IOI Properties's hospitality & leisure segment.

IOI Properties said the acquisition of the freehold land in Pantai Kok, Langkawi at RM90.1 million is intended for a proposed hotel development

Tropicana is a really good seller lol

quite a nice mall. but they are missing the crowd

Forced sale ke? Tropicana no money till need to selll it's HQ mall... 2nd mall attempt failure after 3 Damansara..

last time when launched so many promo. now diam.
office hour got ppl lah, then like...krik krik

that mall is kinda dead and quiet, even on weekend it is quiet, it's nice though, less crowded means you can bring your kids go explore but some shops closed, like don don donki closed, kesian

People in the property development sector would had known that Tropicana has not been doing well lately.

Yawor..maybe IOI can replicate IOI City Mall. That mall got good crowd and shops to walk around.

they tried to compete with 1U and starlings but well...

don don donki also the fad gone already..if u go to sunway pyramid branch also like meh...

Wow i thought W Hotel would be more expensive than the selling price

and yet keep launching projects condo with mini mall

I'm shocked that Starling still stands

I would have thought he kantoi first before Tropicana

Its something that property developers had been marketing lately to sell such small units with imprisoned lifestyle to the masses in order to make money while further degrade society.

remember that placed used to be abandoned back in the 90s? take years to be completed

Yes , can see they selling their assets here and there

imprisoned lifestyle. somehow these sheeps die die buy those kind of pricey housing. i mean, brainwashed nicely until kenot think properly.

KD area mall mostly struggling for traffic.

starling mall is right in the middle of offices and shoplots, many executives go there yamcha talk business, it's also alot smaller than Gardens tropicana, making navigating there easier.

Although Garden is situated in a very good area (got MRT, got sunway GIZA, Nexus, dataran sunway shoplots) it's like on the other side of the road, people rarely walk over to Gardens if they can get all the amenities around Giza shoplot area, also that road is always jam as hell.

Starling food court sells vavi...
Lots of old ppl there support...
Unker also go there every week...

many dont realized that the co is owned by vincent tan brother