IJM Perennial Development, a joint venture between IJM Corp and Perennial Real Estates Holdings, has unveiled a large-scale integrated mixed-use waterfront development in Penang, Malaysia.
Located in Gelugor on the eastern coast of Penang, The Light City will involve an investment of more than RM4.5bn ($1.03bn) and will be built on the 32.76-acre freehold site.
The project, with a total gross floor area of about 380,900 sq m, will feature a five-storey mall measuring about 139,350 sq m, a 25,084 sq m Penang Waterfront Convention Centre, two luxury hotels with 745 rooms, an office tower, and two premium residential projects, known as The Mezzo and The Essence.
The Mezzo will have two 34-storey residential towers with 456 homes and The Essence will include 315 residential units over two 37-storey towers.
Pua Seck Guan, CEO of Perennial and director of IJM Perennial Development, 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.”
The Light City, which is expected to be complete by 2021, is part of the second phase of The Light Waterfront Penang.
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* Pictured: George Town, the capital city of Penang.