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Discussion Starter · #1 · (Edited)
Published: Wednesday May 28, 2014 MYT 12:00:00 AM
Updated: Wednesday May 28, 2014 MYT 9:57:20 AM

Exciting projects coming up

by david tan

ASPEN Group Holdings Sdn Bhd plans to launch RM2.1bil worth of residential and commercial properties in Penang later this year and next year.

The projects are the RM780mil first phase of Aspen Vision City in Batu Kawan, the RM400mil Tri Pinnacle in Tanjung Tokong, the RM700mil HH Residence in Tanjung Bungah and the RM226mil Beacon in Sungai Pinang.

Aspen Group chief executive officer Datuk M. Murly said that of the RM2.1bil, about RM1.3bil would comprise affordable and high-end residential property.

‘They will be sold at sub-sale prices which are usually 20% to 30% lower than the pricing in the primary market.

“We believe that sub-sale prices are a more accurate reflection of the market trend.

“For example, the Tri Pinnacle affordable condominiums are priced at about RM375 per sq ft.

“The Beacon high-end residential executive suites are priced at about RM700 per sq ft.

“Current new high-end residential property of the same range and in strategic locations are selling for around RM1,000 per sq ft,” Murly said.

He said the Tri Pinnacle project comprised 1,249 low medium-cost apartments while the Beacon would offer 258 residential executive suites.

He said Tri Pinnacle would be launched in the last quarter of this year and Beacon in the first quarter of next year.

“Both projects are equipped with comprehensive recreational facilities.

“The Beacon, for example, is designed with a sky lounge, sky bar, sky pool, and sky garden on the 37th floor,” Murly said.

He said the prices for HH Residence had yet to be fixed.

“Although the property market has softened in the past 12 months due to the tightening of credit, we are optimistic that our competitive pricing will stir interest among house buyers,” he added.

Murly said the Aspen Vision City project would be built on a 99.1ha plot next to the second bridge.

He said the first phase, to be developed over five years on 14.1ha, would have about 500 retail and shop office units.

“The value of the first phase will be enhanced by the Ikea shopping mall that we are building next to it.

“We will subsequently carry out the remaining phases comprising hotels, serviced apartments, homes and a mini central banking district over a 10-year period.

“Our strategy for Aspen Vision City is to build the commercial property first.

“There will be workers who want to stay near their place of employment.

“This will create the need for residential property which are attractive in pricing.

“The objective is to develop Batu Kawan in such a manner that it mirrors the vibrancy of the island,” Murly said.

He said that Aspen’s objective was to provide more affordable housing and mixed development projects.

“This will allow for public and private land owners to create a sustainable business model that not only maximises the full potential of the development but also meets the community’s cultural, communal and income level needs and adheres to the requirements of local councils.

“Since our inception in 2013, Aspen Group has believed that success comes from a relentless focus on innovation, creativity and execution.

“This concept and vision is not only vital to our property development but also to our efforts to create ecologically-balanced communities.

“We are committed to providing the people homes of unmatched quality at affordable prices,” Murly said.


More: http://www.thestar.com.my/News/Comm...-RM2bil-worth-of-mixed-property-by-next-year/
 

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Discussion Starter · #3 ·

IKEA anchors RM8b Penang integrated shopping haven to be built in 2015
BY OPALYN MOK
SEPTEMBER 3, 2014

INCREASE TEXT DECREASE TEXT RESET TEXT PRINT ARTICLE
Ikano Pte Ltd managing director Christian Rojkjaer said they will first conduct an elaborate study and analysis before construction work on the project commences. ― Picture by K.E.Ooi

GEORGE TOWN, Sept 3 ― Developer Aspen Vision Land, IKEA franchisee Ikano Pte Ltd and the Penang Development Corporation (PDC) have entered an agreement for a RM8 billion integrated development in Batu Kawan that will be built around the Swedish furniture icon.


The massive project will be headlined by a regional integrated shopping haven anchored by IKEA, and include a mixed development of residences, offices, medical facilities, a 20-acre park, an international school, standalone retail outlets and an integrated central transportation hub for Seberang Perai.

With the signing of the agreement this morning, Aspen and Ikano can immediately start preliminary measures such as conducting impact studies and market surveys before commencement of the project.

“We are opening up a full-sized IKEA store here so we will need an elaborate study to be completed first before works can begin,” Ikano managing director Christian Rojkjaer said at a press conference after the signing ceremony at the Royale Bintang Hotel here.

The first phase of the project will consist of the integrated shopping mall anchored by IKEA and is expected to start by the end of next year, with completion scheduled for 2018.

The second phase will include other components such as mixed development, high rise commercial buildings, school, office complex, healthcare facilities and a hotel. The entire project will take up to 10 years to complete.

The project is one of several planned in Batu Kawan, including a RM1 billion project consisting of an upmarket outlet shopping mall, a 300-room international-class hotel and a branch campus of Britain’s University of Hull.

The rising demand for land and projects based in Batu Kawan is due to the opening of the Sultan Abdul Halim Muadzam Shah bridge, which connects the small township to Batu Maung on the island.

Aspen and Ikano jointly bought 245 acres of land from PDC for RM483.95 million for the project.

The IKEA store and the first phase of the shopping mall will take up 30 acres while another 45 acres will be set aside for phase two of the shopping mall; the remaining 170 acres will be for mixed development.

Penang Chief Minister Lim Guan Eng, who witnessed the signing, said the whole development is in line with the state’s efforts to attract catalyst projects for Batu Kawan and the state.

The state, through PDC, also plans to build 11,800 units of public and affordable housing in the area.

- See more at: http://www.themalaymailonline.com/m...aven-to-be-built-in-2015#sthash.eKhOZn76.dpuf
 

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great to hear that!new damansara at batu kawan!!very potential area,still lot of empty plot..hopefully they can develop pulau aman as well as it have a great potential for tourist activity..btw,will ikea came to iskandar jb too?
 

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Batu Kawan set to glitter with inking of development blueprint
by Adrian Lim, Posted on September 4, 2014, Thursday
http://www.theborneopost.com/2014/0...glitter-with-inking-of-development-blueprint/

KUCHING: Penang-based property developer Ivory Properties Group Bhd (Ivory) has entered into a purchase and development agreement (PDA) with Penang Development Corporation (PDC) and Ikano Pte Ltd (Ikano) for development in Batu Kawan.

The company in a press release yesterday said its 49 per cent investment company Aspen Vision Land Sdn Bhd (AVLSB) has entered into the PDA with PDC to acquire 245-acre of freehold land in Bandar Cassia, Batu Kawan, where most of the land is earmarked for mixed development comprising residential and commercial properties.

Ivory noted that AVLSB is a special purpose vehicle formed by Ivory with Aspen Vision Development Sdn Bhd owning the remaining 51 per cent stake.

At the same time, Ivory said AVLSB has also firmed up a partnership with Ikano to jointly develop a state-of-the-art integrated regional shopping centre with an IKEA store as an anchor tenant.

The signing of the agreement was witnessed by Penang Chief Minister Lim Guan Eng at a hotel in the island state while AVLSB was represented by Aspen Group chief executive officer Datuk Murly Manokharan and Aspen Group chairman and executive director Datuk Seri Nazir Ariff.

Ikano was represented by its managing director Christian Rojkjaer and corporate affairs general manager A. L. Parimalam while PDC was represented by its general manager Datuk Rosli Jaafar.

The company said Ivory was represented by its group chief executive officer Datuk Low Eng Hock and chief operating officer Goh Chin Heng.

Meanwhile, Ivory pointed out that the development in Batu Kawan will feature an ambitious mixed residential and commercial development project which is strategically located near the landing point of the Sultan Abdul Halim Mu’adzam Shah Bridge in Batu Kawan.

The company noted that the project, undertaken in a joint venture partnership with Ikano, comprises a regional integrated shopping centre and the first IKEA store in the northern region of Malaysia managed by Ikano. The package also include mixed development of residences, offices, a medical facility, a 20-acre central park, an international school, retail outlets and an integrated central transportation hub for Seberang Prai.

Ivory said it is proud to be part of an initiative for the development of a new township in Batu Kawan, mainland Penang.

Furthermore, the property developer envisions Batu Kawan and Penang island to be akin to the case of Tsim Sha Tsui and Hong Kong Island in years to come through the link of Sultan Abdul Halim Mu’adzam Shah Bridge, making Batu Kawan the next new satellite city on the mainland.

With an estimated gross development value of RM8 billion, Ivory believed that the entire development is scheduled for completion over a period of 10 years from its commencement date.

The property developer noted that focus will be placed on building commercial properties in the first phase to create a solid foundation for a thriving business hub before the mixed development project will be constructed under the second phase.
 

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Discussion Starter · #8 ·
Ivory, Aspen in RM8b Penang development

By Sangeetha Amarthalingam of theedgemalaysia.com
Thursday, 04 September 2014 18:26



GEORGE TOWN: Ivory Properties Group Bhd has teamed up with Penang-based Aspen Vision Development Sdn Bhd (Aspen Group) to jointly develop a township with a gross development value (GDV) of RM8 billion, on 245 acres (99ha) of freehold land in Bandar Cassia, Batu Kawan in Penang.

Both companies have formed a special purpose vehicle (SPV) known as Aspen Vision Land Sdn Bhd (AVLSB) for the purpose of entering into joint ventures for the development of Aspen Vision City. Aspen Group will own a 51% stake in AVLSB, while Ivory will hold the remaining 49% stake.

AVLSB yesterday signed an agreement with the Penang Development Corp (PDC) to acquire the plot of greenfield land for RM484 million or RM45 per sq ft.

It also sealed a partnership with Ikano Pte Ltd to jointly develop a RM1 billion shopping centre anchored by an Ikea Store on 24 acres within the proposed development, which is located near the landing point of the Sultan Abdul Halim Mu’adzam Shah Bridge in Batu Kawan.

Aspen Vision City will also feature residential and commercial properties, medical facilities, a 20-acre central park, international schools, retail outlets and an integrated central transportation hub for Seberang Prai.

In a filing with Bursa Malaysia yesterday, Ivory said it envisions Batu Kawan and Penang island to be akin to the case of Tsim Sha Tsui and Hong Kong Island in years to come through the link of the Sultan Abdul Halim Mu’adzam Shah Bridge, making Batu Kawan the next new satellite city on the mainland.

The entire development is scheduled for completion in 10 years from its commencement date towards the end of next year.

“Focus will be placed on building commercial properties in the first phase to create a solid foundation for a thriving business hub before undertaking mixed development project under the second phase,” said Ivory.

Earlier, after the signing ceremony which was witnessed by Penang Chief Minister Lim Guan Eng, Aspen Group chief executive officer Datuk Murly Manokharan said while Ivory owns a 49% stake in AVLSB, it will not be an active participant in the project apart from being an investor.

“Ivory will pump in the funds according to the stages of the development, as and when is required,” he told The Edge Financial Daily.

Ikano managing director Christian Rojkjaer said a detailed study will be conducted to study the market and house size, and quality factors involving the population in Penang and the northern region.

Shares in Ivory closed up 5.93% to 62.5 sen yesterday, bringing a market capitalisation of RM274 million.

http://www.theedgeproperty.com/news-a-views/13032.html
 

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Aspen, OCBC Bank sign RM196 mil loan deal to kick off Phase 1 of Aspen Vision City

By The Edge Financial Daily | June 22, 2015 12:38 PM MYT
KUALA LUMPUR: Aspen Group Holdings Sdn Bhd, through its subsidiary Aspen Vision City Sdn Bhd, has signed a loan deal totalling RM196 million with OCBC Bank (M) Bhd to finance the development of Phase 1 of the multibillion-ringgit Aspen Vision City project in Batu Kawan, Penang.

The agreement features a term loan for the purchase of land and a bridging loan for the construction of the development.

The first phase of Aspen Vision City, known as Verve, features a 35-acre (14.16ha) gated and guarded commercial and business district replete with 441 units of three- and four-storey shop offices. With a gross development value of RM780 million, Phase 1 is scheduled for completion in 2018.

Aspen Group chief executive officer (CEO) Datuk Murly Manokharan said the group is focusing the first phase of the Aspen Vision City project on building commercial properties to create a solid foundation for a thriving business hub, before undertaking mixed development projects in the second phase.
http://www.theedgeproperty.com/my/c...-mil-loan-deal-kick-phase-1-aspen-vision-city
 

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IKEA confirms Penang outlet will open in 2018
BY DAVID TAN Tuesday, 15 March 2016
http://www.thestar.com.my/business/...kea-confirms-penang-outlet-will-open-in-2018/



New landmark: An artist’s impression of Aspen Vision City which will include an Ikea outlet.

Work at its 24-acre Batu Kawan site has started
GEORGE TOWN: The first IKEA store in the northern region will open in Penang by the third quarter of 2018.

Ikano Pte Ltd, the owner of the IKEA franchise holder in Singapore, Malaysia and Thailand, said work at the Batu Kawan site had started and plans were now underway to prepare a 24-acre plot for the development.

“We confirmed today our plan to open a store in Penang during the third quarter of 2018,” managing director Christian Rojkjaer said in a statement.

Ikano had teamed up with Aspen Group in September 2014 to purchase 245 acres of land from Penang Development Corp to develop the Aspen Vision City (AVC), where the IKEA store would be located.

Ikano will hold a 20% stake in AVC while Aspen the remaining 80%. The planned IKEA store will be wholly owned by Ikano.

“We want to transform the vast swath of land in Batu Kawan into a new metropolis where people can live, work and play. A shopping centre anchored by IKEA is a key component of the development plan for AVC.

“The IKEA vision is to create a better everyday life for the people,” Rojkjaer said.

The IKEA store will bring affordable range of functional home furnishings to the northern region, along with hundreds of job and economic spin-off opportunities for the local community.

The long-term development plan for AVC includes condominiums, office towers, an international school, a Columbia Asia Hospital and a 24-acre park, according to Rojkjaer.

“Piling works are in full swing for the first phase – a gated and guarded commercial precinct called Vervéa. Plans for a high-rise condo called Vertu Resort received a warm response when it was recently introduced to the public.

“With a gross development value of RM8bil, the entire AVC development is slated for completion in 10 years,” he said.
 

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Teka appliances, IKEA furniture for Vertu Resort development
BY MARINA EMMANUEL - 29 APRIL 2016 @ 12:49 PM
http://www.nst.com.my/news/2016/04/142381/teka-appliances-ikea-furniture-vertu-resort-development

KAWAN: Property developer Aspen Group - via its subsidiary Aspen Vision City Sdn Bhd - has joined forces with German kitchen and home appliances provider Teka Kuchentechnik (M) Sdn Bhd to provide kitchen appliances for its Vertu Resort development in Batu Kawan.

A contract worth more than RM5 million was inked today during a collaborative signing ceremony and this will see all units at Vertu Resort fitted with Teka kitchen and home appliances. The maiden partnership between Teka and Aspen Group is also being touted as the first venture for the German company into the northern region.

"All 1,282 units at Vertu Resort will be inclusive of home furnishings by IKEA, kitchen appliances by TEKA and also electrical appliances," Aspen Group's chief executive officer Datuk M. Murly said during the signing event.

Vertu Resort, which is sited off the landing point of the Sultan Abdul Halim Muazdam Shah Bridge carries a development value of RM620 million and is sprawled across 2.9 hectares and expected to be completed by end 2019.
 

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Daya Materials gets RM224mil construction contract
Thursday, 22 September 2016 | MYT 10:53 PM
http://www.thestar.com.my/business/...aterials-gets-rm224mil-construction-contract/



The first phase of the RM8bil Aspen Vision City will be completed by 2019.

KUALA LUMPUR: Daya Materials Bhd (DMB) has secured a RM224mil contract to build retail facilities in Batu Kawan, Penang, for Aspen Vision City Sdn Bhd.

In a filing with Bursa Malaysia, the oil and gas player said the job given to its engineering and construction unit would span 17 months.

Aspen Vision City Sdn Bhd is a joint venture between Aspen Group and Ikano Group. The first phase of the RM8bil Aspen Vision City, to be completed by 2019, comprises the Vervea, which is a three to four-storey shop office project, the Columbia Asia Hospital, Ikea Store and Vertu Resort.

DMB said the contract was expected to contribute positively to the earnings and net assets of group during the contract period.
 
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