THE first IKEA store in the northern region will open in Penang by Jan 1, 2019.
Chief Minister Lim Guan Eng said the store would help to put Penang at a high-level position.
“It is not easy to attract Ikano, we worked very hard,” Lim said in his speech before the press conference on Friday to announce the Penang Medical Expo and Malaysian Healthcare Policy Conference (PMEX 2017) at Setia SPICE Convention Centre.
Ikano Pte Ltd, the owner of the IKEA franchise in Singapore, Malaysia and Thailand, has teamed up with Aspen Group in September 2014 to purchase 245 acres (99ha) of land from Penang Development Corporation to develop the Aspen Vision City (AVC), where the IKEA store would be located.
Ikano will hold a 20% stake in AVC while Aspen the remaining 80%. The planned IKEA store in Batu Kawan will be wholly owned by Ikano.