Primadana Utama Sdn Bhd, the wholly owned subsidiary of property developer Asian Pac Holdings Bhd, is acquiring Jaya Shopping Centre here for RM100 million in cash.
Asian Pac, in a Bursa Malaysia filing, said the proposed acquisition aligns with its strategy to invest in retail malls, with the objective of increasing net property income, The Edge reported.
“This acquisition will not only provide a ready recurring income stream but also allow the group to establish a presence in a location outside its existing operations.
“The mall is strategically located in the heart of various affluent suburbs in Petaling Jaya and accessible via major roads and highways, enhancing convenience and foot traffic (while) contributing to its potential as a prime retail destination.
“Premised on the above, the board is optimistic on the prospects of the proposed acquisition to enhance the group’s financial performance,” it said.
Asian Pac said it will fund the acquisition through a combination of internally generated funds and bank borrowings. However, the breakdown has yet to be finalised.
The seven-storey shopping mall boasts about 92,712 sq ft and includes a lower ground floor, along with four levels of basement parking with 786 bays.
The vendor of the mall, which has an occupancy rate of 78%, is Jaya Section Fourteen Sdn Bhd.
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