News: Aspen Group & IKEA Southeast Asia team up to produce the country’s largest gated commercial precinct

Feb 9, 2021

Penang-based Aspen Group has spent the best part of a decade building a reputation as one of northern Malaysia’s most innovative and creative property developers.

The company, launched in 2013, initially focused on the affordable residential sector but has since branched out to take on increasingly ambitious projects.

The latest of these is a first-time collaboration with IKEA Southeast Asia on what is slated to be the largest gated commercial precinct in the country’s northern region. 

Conceived to be a one-stop retail destination within Penang’s latest satellite town, Aspen Vision City, Vervea comprises 434 units and a 38,000-square-foot trade and exhibition centre served by comprehensive infrastructure, allowing tenants to tap into the area of Penang, surrounding states, and wider Northern Region.

The mix of local and international tenants at Vervea includes businesses from the retail, food and beverage, and financial industries to beauty products, furnishings, homewares, F&B, pharmacies, government bodies, and utility companies.  


As part of the wider Aspen Vision City smart township, the commercial district prioritises sustainable design. Walkways are adorned with lush greenery and dedicated bicycle lanes connecting the entire commercial precinct.

Smart and integrated facilities are employed to reduce dependency on traditional sources of power and transport, ease traffic congestion within the development, and streamline waste management via smart office automation.

The central tree-lined walkway, meanwhile, is designed with a roof canopy, which emulates a wind tunnel for further air circulation in addition to strategically positioned jet fans. 

Positioned at the landing point of Sultan Abdul Halim Mu’adzam Shah Bridge, better known as the Second Penang Bridge, Aspen Vision City is only moments from Penang Island, as well as numerous townships on the mainland and neighbouring states.

The city itself, developed by Aspen Group in partnership with Ikano Pte Ltd, features a mix of residential and commercial properties with state-of-the-art infrastructure and amenities. It is slated to be one of the biggest mixed developments in Penang, spanning 245 acres of freehold land in the heart of Bandar Cassia. 

Opened in 2018, Vervea represents Aspen Group’s second appearance at the PropertyGuru Asia Property Awards (Malaysia), winning a Highly Commended accolade at last year’s event.

In 2019, resort-inspired high-rise Vertu Resort won in the Best Condo/Apartment Development (Penang) category, while affordably priced condominium, Tri Pinnacle took home a Highly Commended in the Best Mass Market Condo/Apartment Development (Penang)

In addition to the recently completed Beacon Executive Suites, a 30-storey, smart residential development in the heart of Penang, Aspen Group has two more integrated projects in the pipeline upon completion in the next few years.

HH Park in the George Town suburb of Tanjung Bungah will feature high-end retail spaces, upscale office facilities, and a residential enclave, while the highly-anticipated Vogue Lifestyle Residence is set to provide residents with direct access to onsite wellness, retail, shopping, commercial, food, and entertainment destinations. 


For more information, email or visit the official website:

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William Cho
Real Estate Negotiator
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