Over 20,000 visitors to IKEA Penang (1st day), so buy, buy and buy?

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IKEA Penang has opened and it’s very popular, attracting over 20,000 customers on its first day. A close friend in Penang asked this again, “I think now all the real estate negotiators in Penang will receive many enquiries for properties surrounding IKEA. Maybe owners will even increase their asking prices.” Frankly, it’s BETTER not to buy into any area just because there’s a new IKEA. Remember many months ago when LRT3 was scaled down and some of the stations axed? Some owners said they bought into some projects due to these stations and now that it is axed, what will happen to their ‘investment?’ Property prices affected due to LRT3? So, what has happened with IKEA Penang? Here’s an update.

Article in NST.com.my here. According to Pathmalingam Arumugam, store manager of IKEA Batu Kawan, over 20,000 customers paid a visit on its first day. He said from now on, even more Malaysians will get to enjoy high-quality and low-priced Swedish furniture. He shared that Ikea has also redesigned itself to suit the Malaysian experience. “In addition to the consistent IKEA experience that Malaysians have known and loved, customers will enjoy customised offerings suited for the local market, including room sets that are fitted to the local living style; an original wall mural entitled ‘The Trishaw Captain’, hand-painted by Penang resident artist Thomas Powell; and favourite local delicacies served together with our well-known Swedish favourites,” added Pathmalingam. Article in NST.com.my here.

If we are thinking of staying near IKEA so that we could visit it daily to get excitement from window shopping, sure, buy a place near IKEA. If we are thinking of buying a shophouse nearby IKEA because we will be operating a business which will be complementary to IKEA, perhaps a renovation company specialising in using IKEA’s furniture choices, it’s a go ahead too. However, if we are thinking to buy a property near IKEA simply because of 20,000 customers as a reason, please rethink. Our property investment decision must be based on what we intend to achieve with the property. For renting to IKEA workers? (Then, property needs to be near, furnished and not too expensive) For own stay? (as long as you like it!) For own business? For potential capital appreciation? (which usually needs to also be complemented with jobs, amenities, industries and not just one mall with 20,000 visitors) Happy understanding and I will visit IKEA Penang soonest possible too.

written on 22 March 2019

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Article written and edited by Charles. News article summarised by Dina Batrisyia.

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