IJM Perennial Development unveils The Light City, Penang
PETALING JAYA (May 9): IJM Perennial Development Sdn Bhd, a joint venture between IJM Corp Bhd and Perennial Real Estates Holdings Ltd, has unveiled The Light City, a large-scale integrated mixed-use waterfront development in Gelugor, Penang.
Positioned as Penang’s premier integrated waterfront precinct, The Light City will have a total gross development value of over RM4.5 billion, said IJM Perennial Development in a statement.
The Light City will have a total gross floor area of about 4.1 million sq ft, comprising a retail mall, Penang’s largest convention centre to be called Penang Waterfront Convention Centre, two hotels to be operated by renowned hotel brands, a 28-storey office tower, and two premium residential projects named The Mezzo and The Essence.
The luxury hotels will be housed in a 37-storey tower, consisting a total of 745 rooms. The Mezzo will have two 34-storey residential towers with 456 homes and The Essence will house 315 units of homes over two 37-storey residential towers.
According to IJM Perennial Development, The Light City is designed as a ‘Smart City’ and will be equipped with fibre optics and Wi-Fi infrastructure, providing shoppers, Meetings, Incentives, Conventions and Exhibitions (MICE) delegates, hotel guests, office tenants, and residents with endless access to new digital solutions and online connectivity.
Construction at the 32.76-acre freehold site is expected to commence soon and the project is slated for completion by 2021.
The unveiling ceremony was graced by Penang Chief Minister Lim Guan Eng.
“The Light City will not only elevate Penang’s stature as the destination of choice for retail, shopping and MICE, but also create a host of job opportunities for Penangites and attract tourists, investors and meeting organisers for world-class events,” said IJM Land Bhd managing director and IJM Perennial Development director Edward Chong.
Perennial CEO and IJM Perennial Development director Pua Seck Guan said The Light City is endowed with a coveted location, designed with a good asset plan and will provide an exceptional suite of offerings within a modern architecture with a heritage setting.
“Upon its completion, The Light City will be one of the most iconic developments in Malaysia and one of the best integrated waterfront precincts in the region,” he said.
The Light City is part of the second phase of The Light Waterfront Penang, a 152-acre integrated waterfront development that will be developed over three phases. Phase 1 consists of 42 acres of residential development, Phase 2 of 103 acres of mix development and Phase 3 of a seven-acre Seafront Park.
Source : The Edge Property