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In a filing with Bursa Malaysia today, the property developer said wholly owned subsidiary IOI Mall Damansara Sdn Bhd had entered into a conditional SPA with Tropicana Indah Sdn Bhd to acquire Tropicana Gardens Mall and its assets in Tropicana Indah, Petaling Jaya for RM680 million. Meanwhile, IOI Properties’ indirect 99.9 per cent owned subsidiaries IOI Business Hotel Sdn Bhd and Flora Development Sdn Bhd entered into a conditional SPA agreement with Tropicana Residences Sdn Bhd to acquire W Kuala Lumpur hotel and its assets in Jalan Ampang, Kuala Lumpur for RM270 million.
IOI Properties said the acquisitions were completed on February 8, 2024 and July 22, 2024 respectively.