IKEA store set to open in Penang

Chief Minister Lim Guan Eng told reporters today in a media statement that the strategic plans for Batu Kawan will receive an additional boost with the sale of 245 acres of land for the purpose of development of an integrated shopping mall.

According to him, this mall will be anchored by an IKEA store and developed by Ikano Pte Ltd, besides mixed development of offices and residences to be developed jointly by Aspen-Ikano

“The 245 acres development in Batu Kawan will include 30 acres for the development of IKEA Store and phase one of the Shopping Mall, 45 acres for the development of phase two of the Shopping Mall and 170 acres for mixed development purposes.

“The total land cost for the project is RM 483,951,600 and payment is to be made within 60 months from the date of Agreement. A RM 5 million non-refundable deposit has also being paid to Penang Development Corporation (PDC),” said Guan Eng.

Also present in the press conference were PDC General Manager Dato’ Rosli Jaafar, Aspen Group Founder and Group CEO Dato’ M Murly, Aspen Group Co-Founder & Chairman Dato’ Seri Nazir Ariff, Executive Directors Dr. Lim Su Kiat and Mr Lee Peng Cheong and General Manager Ir Woo Kok Weng.

Guan Eng informed that the entire commercial and mixed developments on the 245 acres of land are expected to be completed within 10 years from the date of Agreement.

Apart from that, he added that the IKEA Store is to be developed and completed within the time frame mutually acceptable by both parties. The time frame that all parties are targeting at is about five years or sooner, depending on various surrounding, economic and demand factors.

“Aspen and Ikano are expected to submit their development plans to Local Authorities this year and estimated to commence development activities by end of the year or early next year.

“In line with Aspen’s vision and strategies, a major part of the residential component will cater for the mass market with affordable price and quality eco-friendly homes.

“This development is in line with PDC’s policy to promote and sell land to attract catalyst projects to Bandar Cassia, Batu Kawan. In doing so, PDC plans to provide services that will help complement the Industrial development sector for example in developing commercial centres, premium designer outlets, specialist hospital and international schools,” Guan Eng added.