PETALING JAYA: Asian Pac Holdings Bhd
is acquiring the Jaya Shopping Centre 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, aiming to increase its net property income and portfolio.
It added that the acquisition would not only provide a steady recurring income stream, but also allow the group to expand its presence into a location outside its existing operations.
Following the proposed acquisition, the group’s retail net lettable area will increase from 728,094sq ft to 996,207sq ft.
