The state government and Penang Development Corporation (PDC) will get a new investment with the construction of the IKEA shopping mall by Ikano Pte Ltd on a 98-hectare area in Batu Kawan in Seberang Perai Selatan. Penang Chief Minister Lim Guan Eng said besides the IKEA shopping mall, offices and residential prope
The state government and Penang Development Corporation (PDC) will get a new investment with the construction of the IKEA shopping mall by Ikano Pte Ltd on a 98-hectare area in Batu Kawan in Seberang Perai Selatan.
Penang Chief Minister Lim Guan Eng said besides the IKEA shopping mall, offices and residential properties would also be built in the area, which is to be jointly developed by Aspen-Ikano, a joint-venture company to be formed by Aspen Vison Land Sdn Bhd and Ikano.
"The whole commercial development in the area is expected to complete in 10 years from the date of the agreement," he told a press conference to announce the project at his office here today.
He said the land cost for the development amounted to RM483.95 million ($147 million), to be paid within 60 months from the date of the agreement, and a deposit of RM5 million made to the PDC will not be returned.
With the shopping mall in Seberang Perai Selatan, he said it would enable the development of areas on the mainland to be an attractive destination of choice to study, work and live.
"We are very proud as IKEA has chosen Penang as the first destination outside Kuala Lumpur to open its store. After this, residents in Penang do not need to go to Petaling Jaya to shop at IKEA," he said.