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.