It’s Official!

20 November 2015

GEORGE TOWN: Aspen Group has entered into a purchase and development agreement for 245 acres of land in Batu Kawan with Penang Development Corporation and sealed a partnership with Ikano Pte Ltd to bring in the first IKEA Store in Northern region and jointly develop a regional integrated shopping centre and mixed development.

The agreement was signed earlier today between Aspen Vision Land Sdn Bhd, a subsidiary company of Aspen Group, Ikano Pte Ltd and Penang Development Corporation. This involves the sale of 245 acres of freehold land in Bandar Cassia, Batu Kawan, where majority part of the land will be developed into a mixed residential and commercial development. This agreement also sees a joint development partnership between Aspen Vision Land Sdn Bhd and Ikano Pte Ltd to jointly develop a state-of-the-art integrated regional shopping centre and anchored by an IKEA Store.

The Chief Minister of Penang, YAB Lim Guan Eng witnessed this significant signing at the ceremony. Aspen Group was represented by Dato’ Murly Manokharan, Group Chief Executive Officer and Dato’ Seri Nazir Ariff, Group Chairman and Executive Director. Ikano was represented by its Managing Director, Christian Rojkjaer and A L Parimalam, General Manager Corporate Affairs while Penang Development Corporation was represented by its General Manager, Dato’ Rosli Jaafar.

Aspen Vison City, sitting on a 245-acre land, is an ambitious mixed residential and commercial development project strategically located near the landing point of the Sultan Abdul Halim Mu’adzam Shah Bridge in Batu Kawan, Penang.

Dato’ M. Murly, Group CEO of Aspen Group said, “After almost 2 years of detailed study and planning, we believe Batu Kawan is the future city of Penang and we look forward to spearhead the development of Batu Kawan’s Central Business District.”

“As the developer, we are committed to the Eco-town concept. We believe Aspen Vision City will be the finest fully integrated eco township of the future city.”

Dato’ M. Murly also expressed his appreciation to Ikano Group for believing in Penang. “Ikano’s expansion to Penang is a great opportunity for the Group. It is undoubtedly a good news to all the people in Penang. As a Penangite, I’m proud that Ikano has chosen Batu Kawan and ready to serve the many people of the Northern Region,” he said.

Undertaken in a joint venture partnership with Ikano Pte Ltd, the flagship project comprises a regional integrated shopping centre and the first IKEA store in Northern region of Malaysia managed by Ikano Pte Ltd, mixed development of residences, offices, medical facilities, a 20-acre central park, international schools, retail shops and an integrated central transportation hub for Seberang Prai to be part of its components.

With a gross development value estimated at RM8 billion, Aspen envisages the entire development to be completed in 10 years’ time from its commencement. Aspen will focus on building commercial properties in its first phase to create a solid foundation for a thriving business hub before undertaking mixed development projects in its second phase. This will ensure that the development is economically viable and yields high returns for its investors.

Aspen Group is expected to launch several development projects with an estimated GDV of RM2.1 billion. These projects include Tri Pinnacle in Tanjung Tokong, the first privately initiated affordable housing in Penang which will be launched by end of this year, Beacon in George Town, HH Residence in Tanjung Bungah and phase 1 of Aspen Vision City, with some targeted for completion within the next five years.