PROPERTY NEWS: Ingenieur Gudang acquires 149 commercial complex for RM9.07 mil

Key takeaway:

MGudang Properties Sdn Bhd (MPSB), a wholly-owned subsidiary of Ingenieur Gudang Bhd, has proposed an RM9.07 million offer to purchase 149 units of Paradise Boulevard Sdn Bhd's retail and commercial properties.

Ingenieur Gudang, formerly known as Dynaciate Group Bhd, stated in a filing with Bursa Malaysia on Friday that Pandan Perdana, Bandar Ampang, Selangor is the location of the leasehold property known as Pandan Safari Lagoon Shopping Complex and Water Theme Park.

MPSB will purchase retail sites, parking lots, and rooftops with the goal of modifying, renovating, and repurposing the buildings into storage and warehousing facility.

Due to the expansion of e-commerce, executive director Melvin Lim said that the proposed real estate investment has the potential for capital growth and will "provide long-term rental revenue" for the group.

By leveraging the group's competence in civil, major mechanical, architectural, piping prefabrication and installation works and services, he said that it is possible to accomplish the "value appreciation is vital." The group is engaged in building and real estate investing.

He added, "the need for storage space has increased along with the ongoing expansion of online sales by micro, small, and medium-sized businesses."

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