JB property players latch on to Ikea opening

Ikea will not reveal specific plans for any store outside of its first one in Mutiara Damansara.

By Natalie Chan | nataliechan@starmedia.my

The property industry in eastern Johor Bahru is highly anticipating the opening of a new IKEA outlet here, with project developers and subsale sellers enthusiastically mentioning it in advertising communications.

Currently, the sole IKEA outlet to have opened in Malaysia is in Mutiara Damansara. It is owned and run by Ikano Pte Ltd.

In 2009, it was announced that this plot of land, located next to the Aeon Tebrau City Shopping Centre, was sold by Plenitude Bhd to Ikano Johor Jaya Sdn Bhd, a company within the IKANO group, for RM64.4 million.

According to an IKEA spokesperson, there are currently “no concrete plans” on the development of the store nor has an opening date been set.

Artist’s impressions of the store have been seen on the website of TJ Ong Architects, however. Ikea is cited as the main anchor of a project called “Tebrau Shopping Centre”.

One residential project to tout the coming of Ikea is New World Garden, which comprises 92 units of 3-storey semi-detached houses and four units of bungalows. Its site is also conveniently located near Tesco Extra and Giant hypermarkets.

New World Garden is developed by Taipan Eagle Sdn Bhd, a joint venture company formed by Hong Kong developer New World Development Co. Ltd and local developer Luen Yum Development (M) Sdn Bhd.

Prices for the semi-detached homes range from RM2.4mil to RM2.9mil, with built-up areas averaging at 4,100 sq ft while the bungalows range from RM4mil to RM4.2mil, with average built-up area of 5,400 sq ft.

New World Garden is a gated and guarded community, with 24/7 CCTV surveillance and armed guards, and resident facilities that include a clubhouse with gym, swimming pool and multipurpose hall.

New World Garden’s Johor Bahru properties are nothing to be sniffed at with prices ranging from RM2.4mil for the semidees (right) to RM4.2mil for bungalows.