The first phase of the shopping centre will offer a unique tenant mix to deliver something for everyone
IKEA Southeast Asia plans to open the first phase of its shopping centre, which will be linked to its IKEA outlet in Batu Kawan, Penang, by the end of this year. This will bring a new mix of retailers to Aspen Vision City in Batu Kawan.
“In Penang, the first phase of our integrated shopping centre will offer a unique tenant mix to deliver something for everyone and provide a great base for more partners to join in the coming years as we grow,” IKEA Southeast Asia managing director Christian Rojkjaer said in a PR Newswire press release on July 26.
The press release said 85% of the retail extension space has been leased out. The tenants include Sports Direct, Project Rock, 7-Eleven and Harvey Norman. Boasting a retail footprint of 50,000 sq ft, Harvey Norman will bring its superstore concept beyond the Klang Valley for the first time.
The new retail extension, comprising about 20 units, is part of the master plan for Aspen Vision City, a 245-acre freehold, integrated development in Bandar Cassia, Penang. With a gross development value of RM13 billion, the project is a joint venture between IKEA Southeast Asia and Aspen Group.
Five IKEA stores are anchors for shopping centres in Southeast Asia. The company believes this business structure will attract a wide range of customer groups.
“In the four months since we opened IKEA Batu Kawan, we have seen that Penangites often visit on lunch breaks and during dinner time,” said IKEA Southeast Asia shopping centre and mixed-use director Christian Olofsson.
“So we will focus on bringing in food and beverage outlets and convenient grab-and-go services. We also see the opportunity for other leisure, entertainment and sporting retailers to serve the growing township of Batu Kawan.”
Phase 1 of the shopping mall has a gross leasable area of 80,000 sq ft.
The group also announced that its latest commercial precinct — Vervea — is now open for business in Aspen Vision City. Sprawling across 35 acres, the commercial development comprises 441 units of 3 and 4-storey shopoffices, with built-ups ranging from 3,300 to 13,150 sq ft.