KUALA LUMPUR (Oct 23): Aspen (Group) Holdings Ltd said the progress of its flagship Aspen Vision City project in Bandar Cassia in Batu Kawan, Penang is well on track with the first development, Vervea shop office, set to obtain the certificate of completion and compliance by December.
The shop office development is in Central Island Park, a 10.11ha development within Aspen Vision City which Aspen is jointly developing with IKEA Southeast Asia.
“We have invested RM105 million in the first phase of the Central Island Park, including the land cost and the construction cost consisting of softscape and hardscape [elements],” said Aspen president and chief executive officer (CEO) Datuk Murly Manokharan, adding that an additional RM50 million will be invested for the second phase in five years.
The development will also house the first IKEA store and a regional integrated shopping centre in northern Peninsular Malaysia. The IKEA store is scheduled to open in March next year.
The store, with a gross built-up area of 1.07 million sq ft, will offer well-designed, functional home furnishing products at prices so low that the masses will be able to afford them, said Aspen in a statement.
The Aspen-IKEA joint venture has invested over RM2.3 billion in Aspen Vision City and a more substantial investment will be made especially in commercial properties, said Aspen.
The gross development value for Aspen Vision City is estimated to be over RM13 billion.
This article first appeared in The Edge Financial Daily, on Oct 23, 2018.