IKEA bought land with 319m yuan to open a store in Kunming

[InKunming--Kunming] On 8th January, three land transactions in Kunming were traded with a turnover of 503 million yuan, covering a area of 390 mu (26 hectares). Among them, a 84 mu (5.6 hectares) land KCWH2017-5 located at Puji Road, Wuhua district was traded by IKEA with 319.2 million yuan, equivalent to 3.8 million yuan per mu (0.067 hectares), which can be regarded as the coming arrival of IKEA in Kunming.

The land KCWH2017-5, which is adjacent to Kunwu highway and Wangqiong road, measures an overall floorage of 112,000 square meters. According to the agreement signed last year between IKEA and Wuhua District Government, IKEA, the world's largest furniture retailer, plans to open a store here in the second half of 2019.

From the earliest investigation of several main districts in the city, to the final location which is in Wuhua hi-tech industrial park in Wangjiaqiao area, the selection of site experienced many setbacks. As IKEA opening in northwest area of Kunming, the business situation of this place will be enriched.

The IKEA’s entry will drive up the entire business level of Kunming. “The location and brand are easily to attract a consuming market within a short period of time,” the industry insider said.

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(Editors: Christine, Rachel)

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