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The 245 acre Aspen Vision City (AVC) in Penang has a gross development value of RM10 billion, and is Aspen (Group) Holdings’ flagship project. Located within close proximity to Penang’s second bridge at Bandar Cassia, Batu Kawan, AVC is an 80:20 joint venture between Aspen and IKEA Southeast Asia. Approximately 170 acres of AVC will be utilised for mixed developments, 51 acres will be dedicated to a regional integrated shopping centre, and 24 acres will be allocated to the IKEA store. The IKEA store in AVC will be the first within the northern region of Peninsular Malaysia and is slated to be operational in 1Q19.

(The Edge Property, 1/2/2018)

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Jones Lang Wootton