Ikano Pte Ltd – which owns the IKEA franchise in Malaysia – will open its first store in Batu Kawan on Penang’s mainland in 3Q2018.
The store will anchor a shopping mall that is one of the main components of Aspen Vision City, a 245-acre, RM8 billion mixed-use development undertaken by a joint-venture (JV) company formed by Ikano and Penang-based developer Aspen Group.
“The IKEA vision is to create a better everyday life for the many people,” said Ikano managing director Christian Rojkjaer in a press release today.
“We expect to do that by bringing our affordable range of functional home furnishings to the people of Northern Malaysia in 2018, along with hundreds of solid jobs and spin-off opportunities for the local community,” he added.
The IKEA store will be wholly-owned by Ikano, while the mall will be developed by the JV company and managed by Ikano.
According to Rojkjaer, his team has applied for a building permit and earthworks have begun to prepare the 245-acre site housing the mall.
Other components of Aspen Vision City include condominiums, office towers, an international school, a Columbia Asia Hospital and a 24-acre park.
Meanwhile, piling works have started for the project’s first phase, the gated-and-guarded commercial precinct Vervéa.
Next up is a high-rise condominium project called Vertu Resort. - The Edge Property