SINGAPORE - Aspen (Group) Holdings said that Bandar Cassia Properties, an associate company of one of its units, has completed the acquisition of a piece of freehold land measuring about 41 acres in Bandar Cassia, Batu Kawan, Penang, Malaysia for RM67.9 million (excluding tax) from Penang Development Corporation, the state-owned statutory body.

Aspen's portion of the parcel consideration is RM20.4 million. The parcel, together with another 10 acre-plot, will be developed as an integrated shopping centre by Bandar Cassia and to be managed by IKEA South East Asia.

Aspen also intends to acquire another 45 acre-piece of land in Bandar Cassia for RM98 million from Penang Development Corporation through a 20 per cent deposit payment. This plot will be developed as a mixed development.

Aspen intends to use RM38 million (S$12,112,000) of the net proceeds from its initial public offering to fund these acquisitions.