This article first appeared in The Edge Financial Daily on November 22, 2018
KUALA LUMPUR: The joint venture (JV) between Aspen Group and IKEA Southeast Asia has signed a memorandum of understanding (MoU) with Marriott International, appointing Aloft Hotel as the hotel operator in the planned development of Aspen Vision City in Batu Kawan, Penang.
The hotel will be the first international branded hotel in Batu Kawan, Penang. The 260,000-sq ft chic hotel comprises a 30-storey tower, swimming pool, fitness centre, meeting rooms, ballrooms, restaurants and a bar, among others.
The hotel is scheduled for completion in the first quarter of 2023 and will be sited in a mixed development.
The regional integrated shopping centre in Aspen Vision City will be anchored by IKEA Batu Kawan.
“The shopping centre in Batu Kawan will be connected to other mixed developments in Aspen Vision City, making the journey from home to shop to offices and other lifestyle amenities as convenient and seamless as possible.
“IKEA Batu Kawan and the shopping centre will become a real community hub,” said IKEA Southeast Asia managing director Christian Rojkjaer in a statement yesterday.
Aspen Vision City, with a gross development value of more than RM13 billion, includes the IKEA store, a regional integrated shopping centre, and an eclectic mix of residential and commercial components.
The first phase of Aspen Vision City includes the 25-acre (10.12ha) Central Island Park, Vervea shop office and IKEA Batu Kawan store. The JV has invested RM105 million in the first phase of the Central Island Park. Some RM45 million will be invested in the second phase of the park in the next five years.
Aspen Group president and group chief executive officer Datuk M Murly said in a statement yesterday that Aspen Vision City is connected to the entire 6.5 million population in the Northern Region.
“With all the key catalysts and investments from various business partners and key industry players, it is able to bring in ample job opportunities, tourist visitations, economic advancement and investment opportunities,” Murly said.