/// West Malaysia Property News
WEST MALAYSIA
PROPERTY NEWS
Sharing news and information about various issues
related to the property industry from Peninsular Malaysia.
IKEA to Open Outlet in Penang
SP Setia’s Liew, Teow, Lee Step Down
“The whole commercial
development in the area is
expected to complete in 10 years
from the date of the agreement,”
he told a press conference to
announce the project at his office
here today.
Yow as acting president and CEO
for one year from May 1, 2014 until
Apr 30, 2015.
Chairman Tun Zaki Tun Azmi said
over the next year the group
intends to work with its major
shareholder Permodalan Nasional
Bhd, before finalising potential
successors.
He said the land cost for the
development amounted to
RM483.95 million, to be paid
within 60 months from the date of
the agreement, and a deposit of
RM5 million made to the PDC will
not be returned.
Penang chief minister Lim Guan
Eng speaks at a press conference
announcing the expected opening of
Ikea in Batu Kawan
The state government and Penang
Development Corporation (PDC)
will get a new investment with
the construction of the IKEA
shopping mall by Ikano Pte Ltd on
a 98-hectare area in Batu Kawan
in Seberang Perai Selatan.
Penang Chief Minister Lim
Guan Eng said besides the
IKEA shopping mall, offices and
residential properties would also
be built in the area, which is to be
jointly developed by Aspen-Ikano,
a joint-venture company to be
formed by Aspen Vison Land Sdn
Bhd and Ikano.
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With the shopping mall in
Seberang Perai Selatan, he said it
would enable the development of
areas on the mainland to be an
attractive destination of choice to
study, work and live.
“We are very proud as IKEA
has chosen Penang as the first
destination outside Kuala Lumpur
to open its store. After this,
residents in Penang do not need
to go to Petaling Jaya to shop at
IKEA,” he said.
CEO of S P Setia Bhd, Tan Sri Liew
Kee Sin has resigned from the
company along with chief financial
officer Datuk Teow Leong Seng and
non-independent
S P Setia Bhd has announced the
resignation of its chief executive
officer (CEO) Tan Sri Liew Kee Sin,
chief financial officer Datuk Teow
Leong Seng and non-independent
& non-executive director Tan Sri
Lee Lam Thye.
In a statement on Monday, the
group said Liew will leave on Apr
30, 2014 whilst Teow will stay
on until Jul 31, 2014. Lee resigns
immediately as a non-independent
and non-executive director.
The group has appointed its chief
operating officer Datuk Voon Tin
Under Liew’s leadership, S P Setia
has achieved RM8.24 billion in
sales in FY2013. As at Oct 31, 2013,
it had RM9.6 billion in unbilled
sales to be realised over the next
few years.
Liew said: “Given the solid footing
which the company is on, I believe
the time has arrived for me to step
down after 18 years as CEO.
With my children all growing up
and starting out on their own
career paths, I am looking forward
to spending more time with them,
mentoring and guiding them,” he
said.
However, Liew will continue to
represent S P Setia as chairman
of the Battersea Project Holding
Company Limited and also
managing director of Qinzhou
Development (Malaysia)
Consortium Sdn Bhd until
September 2015.