BATU KAWAN, Sept 14 — Aspen Vision City Sdn Bhd, a joint venture company between Aspen Group and Ikano Pte Ltd, expects the first phase of its RM8.4 billion integrated mixed development, Vision City, here to be completed in 2018.
Aspen Vision City Chief Executive Officer Datuk M. Murly said phase one of the project was the Vervea, a gated and guarded commercial precinct sprawled over a 14-hectare (ha) area with a gross development value (GDV) of RM776 million.
He said the Vervea was expected to be completed by 2018 while the entire Vision City project spanning over 99ha was estimated to be completed by 2025.
“The GDV for the entire project is about RM8.4 billion while the cost of earthworks alone will cost us RM200 million.
“Construction work on the Verve will commence once the earthworks is completed by year-end year,” he told reporters after the groundbreaking of the project by Penang Chief Minister Lim Guan Eng here, Monday.
He added that the project also included the first IKEA store in the northern region, Columbia Asia Medical Centre and a 10ha central park.
However, Murly said Vision City would be a comprehensive mixed development project containing first class infrastructure, residential and commercial components.
“We believe that all these will be able to create a new vitality and vivacity, as well as spur new commercial activities in the northern region, creating employment opportunities and stimulate economic activities,” he said.
Meanwhile, Lim said the Seberang Prai Municipal Council (MPSP) is now working on the details of a new satellite town planned for Batu Kawan.
He said the new satellite town would be larger than the present Batu Kawan township and would include its neighbouring areas.
“The announcement on the details will be made in a month’s time and the MPSP is now mapping out the various components for the satellite town,” he said.
He added that the name of Batu Kawan will remain and this was just a new creation that would comprise Aspen Vision City, Penang Design Village and universities.