IKEA to open its second Malaysia outlet in Penang
Earlier this year, there had been talks about the massive Swedish home lifestyle company, IKEA opening its doors in Penang making it the second IKEA outlet in Malaysia after the first in Mutiara Damansara.
|The first IKEA outlet in Malaysia located in Mutiara Damansara, Petaling Jaya.|
Developer Aspen Vision Land, IKEA franchisee Ikano Pte Ltd and the Penang Development Corporation (PDC) have made an agreement for a RM8 billion integrated development in Batu Kawan, Penang to be built around IKEA, reported The Malay Mail.
Publicised by an integrated shopping haven grounded by IKEA, the project will include a mix development of other projects such as residences, offices, medical facilities, a 20-acre park, an international school, standalone retail outlets and an integrated central transportation hub for Seberang Perai.
|Wonder if the IKEA in Penang will also have a food court?|
|Mutiara Damansara IKEA food court is famous for their Swedish meatballs.|
Ikano managing director Christian Rojkjaer said, “We are opening up a full-sized IKEA store here so we will need an elaborate study to be completed first before works can begin.”
The first phase of the project which consists of the integrated shopping mall anchored by IKEA will begin by the end of 2015 and is expected to be completed in 2018, while the second phase will include the mixed development; high rise commercial buildings, school, office complex, healthcare facilities and a hotel which will take up almost 10 years to complete.
Aspen and Ikano mutually bought 245 acres of land from Penang Development Corporation (PDC) for RM483.95 million for the project where the first and second phase of the project will take up 75 acres while the remaining 170 acres are for the mixed development.