IKEA set to open in Penang

GEORGE TOWN (Jan 10, 2014): Swedish furniture giant IKEA is set to open their doors in Penang, the first of its kind outside the Klang Valley, at Batu Kawan on the mainland.
Chief Minister Lim Guan Eng said the development is expected to be done within five years and is a joint venture between Aspen Vision Land Sdn Bhd and Ikano Pte Ltd.
He said the 99ha development includes 12ha for the IKEA store and phase one of the shopping mall, 18ha for the mall's second phase and 68.8ha for mixed development.
The cost of the land is about RM484 million and payment is to be made 60 months from the agreement date. A RM5 million non-refundable deposit has already been paid.
He said development plans are expected to be submitted this year with work estimated to begin by year's end or early 2015.
"The state is confident the entry of IKEA is a vote of confidence for Penang and a boost for Seberang Perai as the future choice for investments, tourism and sustainable living habitat," he said at a press conference today.
Also present was Penang Development Corporation (PDC) Datuk Rosli Jaafar, Aspen Group CEO Datuk M. Murly and chairman Datuk Seri Nazir Ariff.
Murly said the company chose Batu Kawan to expand due to the good infrastructure.
He did not rule out the Second Penang Bridge, linking the area to Batu Maung on the mainland, was also a factor.
"We hope to make Batu Kawan as envisioned by the state and PDC," he said