Sale of Batu Kawan land generates RM484mil for PDC

Booming township: A file picture of the upcoming development in Batu Kawan.

THE sale of the 99ha land in Batu Kawan to Aspen Vision City will generate RM484mil for Penang Development Corporation (PDC).

Chief Minister Lim Guan Eng said the land was sold at RM45 per sq ft.

He spoke after witnessing the signing ceremony for a 99ha (245 acres) land to be used for Aspen Vision City development.

The signing was between Aspen Group and Ikano and PDC.

“A state-of-the-art regional shopping centre and an integrated mixed development in Aspen Vision City will be the major catalyst in our aspiration to develop Batu Kawan into a modern and intelligent township,” he said.

On the industrial front, PDC has successfully wooed major multinational corporations to invest in Batu Kawan recently.

“These investments include those from Seagate, Haemonetics, Sandisk and Bose,” Lim said. - The Star

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