The Ikea Penang Store (GPS: 5.23387, 100.43993) is planned to be the second Ikea store in Malaysia. It will be located at a shopping precinct owned by Aspen-Ikano, a joint venture company between Ikano Pte Ltd, the franchisee for Ikea in Malaysia, with local business enterprise, Aspen Vision Land Sdn Bhd.
A 245-acre plot at Batu Kawan, in close proximity to the Second Penang Bridge, has been identified for the new shopping precinct to be anchored by the new Ikea Penang store. Aspen-Ikano made a purchase for the land from the Penang Development Corporation for RM484 million.
The new Ikea store will occupy 30 acres of the land while the remainer will be developed in phases. The second phase of the development will see a new shopping mall similar to Ikano Power Centre occupying 45 acres, with other developments planned out in future phases occupying 170 acres.
Updates on IKEA Penang
15 March, 2016 The Star reports Ikano Pte Ltd, the owner of the IKEA franchise in Singapore, Malaysia and Thailand, confirms that IKEA Penang will open in 2018. It will occupy a 24-acre site in Batu Kawan. Ikano Pte Ltd partners with Aspen Group to purchase a 245-acre site there from the Penang Development Corporation, to be developed into Aspen Vision City. Ikano, which has a 20% stake in the partnership, will wholely own IKEA Penang.
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