Ikea to open outlet in Penang

GEORGE TOWN: Batu Kawan in Penang is set to receive renown IKEA store in Penang with the sale of 99.15ha (245 acres) of land for the purpose of development of an integrated shopping mall, anchored by an IKEA store to be developed by Ikano Pte Ltd.

Penang Chief Minister Lim Guan Eng said a mixed development of offices and residences will also be developed jointly by Aspen-Ikano (a joint venture company to be formed by Aspen Vision Sdn Bhd and Ikano Pte Ltd).

“The new investment by Aspen and Ikano will include 12.14ha (30acres) for development of IKEA store and Phase One of a shopping mall, 18.21ha (45acres) for the development of Phase Two of the shopping mall and 68.79ha (170acres) for mixed development purposes.

“The total land cost for the project is RM483,951,600 and payment is to be made within 60 months from the date of agreement. A RM5mil non-refundable deposit has also been paid to PDC,” Lim told a press conference in Komtar on Friday.

He added that the date of agreement is scheduled to be about three months from now.