IKEA Store opened in Penang, Malaysia

SINGAPORE: The Board of Directors of Aspen Group Holdings Limited has announced opening of the IKEA Store in Penang, Malaysia, a notice issued to Singapore Exchange (SGX) noted.

The  IKEA  Store  which  is  the  first  Store  in  Penang  and  the  northern  region  of  Peninsular Malaysia is  a  catalyst  development  for  the  Aspen  Vision  City  mixed development.

The  IKEA  Store  will  anchor  and  be  integrated  with  the  Regional  Integrated Shopping  Centre  which  is  to  be  developed  by  Bandar Cassia  Properties  (SC)  Sdn.  Bhd., an associate company of the Group; and to be managed by Ikano Pte. Ltd.

The opening of the IKEA Store will attract visitors from the northern region and is expected to increase the exposure for the 170-acre mixed development project undertaken by Aspen Vision City Sdn. Bhd. a subsidiary of the Group.

Lastly, the opening of the IKEA Store also fulfils one of the obligations of Aspen Vision Land Sdn.  Bhd,  a  subsidiary  of  the  Group,  under  the  Purchase  and  Development Agreement  dated  3rd  September  2014  entered  into  between  AV  Land  and  the  Penang Development Corporation.

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