PETALING JAYA: Asian Pac Holdings Bhd
is acquiring the Jaya Shopping Centre in Petaling Jaya in Petaling Jaya, Selangor, from Jaya Section Fourteen Sdn Bhd for RM100mil.
The Jaya Shopping Centre is a seven-storey shopping mall with a lower ground floor and four levels of basement parking. The mall has 786 parking bays, while the total land area measures approximately 92,712 sq ft.
In a filing with Bursa Malaysia, Asian Pac said the proposed acquisition is in line with the group’s strategy to acquire and invest in retail malls to increase net property income and the portfolio of the group.
It said this will not only provide a ready recurring income stream but also allow the group to have a presence in a location that is outside its existing operation.
“The mall is strategically located in the heart of various affluent suburbs in Petaling Jaya and accessible via major roads and highways, enhances convenience and foot traffic, contributing to its potential as a prime retail destination.
“Following the proposed acquisition, retail net lettable areas under the group’s management will be enlarged from 728,094 sq ft to 996,207 sq ft.”
