Slated for progress

THE first phase of Aspen Vision City in Batu Kawan will commence work within five years.

Aspen Group chief executive officer Datuk M. Murly said the first phase comprising 450 units of shoplots and a shopping centre, with an Ikea store as the anchor tenant.

“The gross development value for the shoplots is around RM760mil. We have yet to work out the investment for the shopping centre,” he said.

He was speaking during the signing ceremony for a 99ha (245 acres) land to be used for Aspen Vision City development, which was witnessed by Chief Minister Lim Guan Eng.

The signing was between Aspen Group and Ikano and Penang Development Corporation.

Also present were Aspen Group chairman and executive director Datuk Seri Nazir Ariff, Ikano managing director Christian Rojkjaer and Ivory Properties Group Bhd chief executive officer Datuk Low Eng Hock.

Murly said the other facilities for Aspen Vision City included residential properties, offices, medic facilities, large central park, international school, retail shops and an integrated central integrated hub for Seberang Prai.

“After two years of detailed study and planning, we believe Batu Kawan is the future city of Penang and we look forward to spearhead the development of its central business district,” Murly added.

Meanwhile, Rojkjaer said a study was now being conducted on the market size in the northern region.

“We are also studying the spending habits, the population size and their needs.

“We have not set a deadline for the completion of the study,” Rojkjaer said.

Aspen Vision Land Sdn Bhd is a special purpose vehicle formed by Ivory with Aspen owning a 51% stake.

With an estimated gross development value of RM8bil, Aspen Vision City is scheduled for completion over a period of 10 years from its commencement date. - The Star