RM2.6 billion investment into Penang. (one of the partners is IKEA…)

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Reported in many articles. This is one of them: FreeMalaysiaToday.com: Aspen-Ikea JV invests RM2.6 bil on metropolis in mainland Penang Aspen Vision City Sdn Bhd, a joint venture (JV) company between Aspen Group Holdings Ltd and Ikea Southeast Asia, has invested more than RM2.6 billion in its 99.15ha master-planned metropolis in mainland Penang. Aspen Group president M Murly said that RM105 million was invested in the first phase of Central Island Park with a 50m-high water jet, which is currently a hotspot in Penang ever since its grand opening in October last year. He also shared about Vervea which was completed in December 2018. He said, “We are targeting to open Vervea for business from the first quarter onwards. We welcome all established local tenants and brands that can cater for the community’s needs in the urban township.”

There will also be a new hotel coming up by Marriott International Inc Hotel Development Asia Pacific. Marriott will operate a 308-room, five-star hotel under the Aloft brand in Batu Kawan. Marriott’s senior vice-president Kevin Chen said that this hotel for Aspen Vision City marked Marriott International’s 29th hotel in Malaysia. Another 25 are either in the planning phase or under construction. He said, “This makes Marriott International the largest international hotel in Malaysia.” Marriott International Inc is based in Bethesda, Maryland, United States, with a portfolio of more than 6,900 properties, including 30 leading hotel brands spanning 130 countries and territories. Article in FreeMalaysiaToday.com here.

IKEA Penang’s team was in Ipoh last weekend to sign up more members for its privilege card. I think it’s safe to assume that IKEA is going to target most of everyone within a 1.5 hour radius from its Penang store because it is not going to be enough to cater only to Penangites. As for whether the whole Batu Kawan area will now be a hotspot, it depends on employment opportunities and cannot just be due to IKEA alone. This is where more manufacturing plants (FDIs hopefully) would help tremendously. More workers meant more demand for homes and they can choose to stay nearby. This will then enable more businesses to set up and even more people to move into the area. Happy understanding.

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written on 6 Feb 2019

Next suggested article: Now I can buy affordable properties in Penang too.

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