Ikea Malaysia heading north to Penang
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Ikea Malaysia will open its first store in the north at the end of next year, in Penang.
Ikano, which owns the franchise for the Swedish furniture giant for Malaysia as well as Singapore and Thailand, teamed up with Aspen Group to buy 99 ha of land in Batu Kawan from Penang Development Corporation to develop the Aspen Vision City (AVC), where the Ikea store will be located.
Ikano will hold a 20 per cent stake in AVC with Aspen holding the balance. The Ikea store will be wholly owned by Ikano.
Questions & Answers
Q.When is the new Ikea store in Penang expected to open?
When is the new Ikea store in Penang expected to open?
The new Ikea store in Penang is scheduled to open at the end of next year. This will be Ikea Malaysia's first store in the northern region of the country.
Q.Who owns the Ikea franchise for Malaysia and neighbouring countries?
Who owns the Ikea franchise for Malaysia and neighbouring countries?
Ikano owns the franchise for the Swedish furniture giant in Malaysia, as well as Singapore and Thailand. They are also involved in the development project where the store will be located.
Q.What is the name of the development where the new Ikea store will be located?
What is the name of the development where the new Ikea store will be located?
The new Ikea store will be situated within a development called Aspen Vision City (AVC). This project is being developed on 99 hectares of land in Batu Kawan.
Q.What is Ikano's stake in the Aspen Vision City development?
What is Ikano's stake in the Aspen Vision City development?
Ikano will hold a 20 per cent stake in the Aspen Vision City (AVC) development. Aspen Group holds the remaining balance of the ownership in this joint venture project.
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