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KUALA LUMPUR (July 29): Ingenieur Gudang Bhd's wholly-owned subsidiary MGudang Properties Sdn Bhd (MPSB) has proposed to acquire 149 units of the retail and commercial properties from Paradise Boulevard Sdn Bhd for RM9.07 million.

In a filing with Bursa Malaysia on Friday, Ingenieur Gudang, formerly Dynaciate Group Bhd, said the leasehold property known as Pandan Safari Lagoon Shopping Complex and Water Theme Park is located at Pandan Perdana, Bandar Ampang, Selangor.

MPSB will be acquiring retail lots, car park and roof top and will modify, refurbish and repurpose the properties into a storage and warehousing space.

Executive director Melvin Lim said the proposed property investment is “expected to yield long-term rental income” for the group due to the growth of e-commerce and has capital appreciation potential.

He said the “value appreciation is crucial" and this can be achieved by capitalising on the group's expertise in civil, main mechanical, architectural, piping prefabrication and installation works and services. The group is involved in property investment and construction.

“The continued growth of e-commerce by micro, small and medium enterprises has led to a growing adoption of online-to-offline commerce and the need for storage space,” he said.

A filing with Bursa Malaysia showed that the proposed acquisition, to be completed by the first quarter of 2023, will be satisfied in cash via a combination of borrowings, proceeds from property disposal and/or internally-generated funds.

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