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25 July 2024

Our Partner, Leong May Ling together with her Legal Associates, Connie Ho Suk Mun and Jess Ng Siow Hui from Zul Rafique & Partners’ Corporate Real Estate practice group have advised and acted for Tropicana Indah Sdn. Bhd., a subsidiary of Tropicana Corporation Berhad (“TCB”) in the disposal of the Tropicana Gardens Mall in Tropicana Indah, Petaling Jaya, Selangor to IOI Mall Damansara Sdn. Bhd. (“IOI”), a subsidiary of IOI Properties Group Bhd.


Tropicana Gardens Mall is a seven-storey shopping mall located in Petaling Jaya with direct access to Surian MRT station and it is accessible via four (4) major highways. In addition to its prime location and its excellent value propositions, Tropicana Gardens Mall has been in operation for the past four (4) years since its opening in March 2020, with an occupancy rate of approximately 77%. The total consideration for the disposal of Tropicana Gardens Mall is RM680 million.

The disposal aligns with the TCB Group’s on-going initiative to monetise its landbank and investment properties, with the objective to improve the TCB Group’s overall financial position and fulfill its financial and operational obligations.

The Bursa announcement can be accessed, Here.

The transaction was also reported in:
The Edge, Here;
The Star, Here;
NST, Here.

For more insight into this area of law, please contact our Partner in our Corporate Real Estate Practice Group:
Leong May Ling


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