IJM Perennial Development launches RM4.5 bln mixed-use Penang waterfront project

GEORGE TOWN: IJM Perennial Development Sdn Bhd, a joint venture between IJM Corporation Bhd and Perennial Real Estate Holdings Ltd, has launched The Light City project, an integrated mixed-use waterfront development project with a gross development value of over RM4.5 billion.

Located in Gelugor on the east coast of Penang island, The Light City, which spans over 13 hectares of waterfront land, is an integral part of the larger 61-hectare of The Light Waterfront Penang master development, IJM Land Bhd managing director Edward Chong said.

He said phase one of the 16hectare The Light Waterfront, consisting of 1,777 unique living spaces, has been completed and was now moving to phase two known as The Light City.

“The Light City, which is expected to be completed in 2021, will be a fully integrated waterfront mixed- development precinct, comprising retail, entertainment, recreational, Meeting, Incentives, Conventions and Exhibitions (MICE), hospitality, offices and residential components,” he said at the launch of The Light City project by Penang Chief Minister Lim Guan Eng here yesterday.

Chong said work on The Light City was expected to start by the third quarter of this year.

The project, which have a total gross floor area of approximately 4.1 million square feet, is designed as a ‘smart city’ and will comprise a retail mall, the Penang Waterfront Convention Centre (PWCC), two hotels, an office tower and two more residential towers.

Chong said the PWCC would comprise a flexible multi-purpose hall measuring 76,000 square feet, the largest in Penang and a grand ballroom with a banquet capacity of 800 pax.

He said besides the PWCC, two hotels with a total room inventory of 745 would be built in a 37-storey tower and would be operated by a renowned hotel brands.

“In order to make this a truly integrated mixed-use precinct where people can live, work and be entertained, we have planned for a 28-storey office tower, comprising a versatile selection of office suites, as well as two 34storey luxury residential schemes known as The Mezzo and The Essence,” he said.

In his speech, the chief minister said the project would not only inject confidence in the Penang property sector but also the whole tourism industry.

Lim hoped that the convention centre would open its doors by early 2021 as he felt the additional convention centre would bring a “multiplier” effect to the MICE industry in the state.

“I think Penang is big enough for two convention centres as SP Arena is already fully booked throughout the year. So, it means there is a need for another convention centre,” he said. — Bernama