The IJM Group is unveiling its RM4bil Waterfront City, a seafront luxurious mixed development next to the Penang Bridge next month.
The developer, Jelutong Development Sdn Bhd (JDSB) is a subsidiary of IJM Properties Sdn Bhd, which owns an 80% stake in the company.
IJM Properties managing director Teh Kean Ming told StarBiz that the 152-acre project at the Jelutong Expressway comprised three components:
- Over 1,000 units of luxurious low-rise, high-rise, and landed residential on 42 acres;
- Mixed development scheme, comprising about 80% commercial properties such as hotels, corporate offices, food and beverage outlets and, retail shops and 20% residential high-rise properties and
- A seven-acre park fronting the sea.
Teh said the residential component of Waterfront City would be a gated community, comprising strata-titled properties.
“There will be waterways constructed to surround the properties, fronting the sea. This is one of the unique features of the project,” he said, adding that the other special feature was a six km sea-fronting promenade with a 10m width, stretching from the Penang Bridge to Sungai Pinang in George Town, where the Jelutong Expressway ends. There will also be a 2km green belt, with a 20m-25m width, to separate Waterfront City from the Jelutong Expressway.
The Waterfront City project would be launched after the Chinese New Year next year.
He said the properties, targeted at the regional market would be launched in phases over a 10-15 year period. JDSB’s RM1.2bil Bandar Sri Pinang project, also along the Jelutong Expressway, was 85% completed.
“We will also be launching the Nautilus Bay landed residential scheme and The Spring condominiums for the Bandar Sri Pinang project next month. The Nautilus Bay, comprising 78 three-storey terraced houses, has been completed and will be launched for sale soon.”
“We plan to launch next year the Summer Place, the final residential phase of Bandar Sri Pinang comprising 531 units of condominiums,” he said, adding that the RM680mil Metro-East mixed developments, also along the Jelutong Expressway, was about 60% completed.
“We still have two more key residential and commercial projects to launch for Metro-East,” he added.
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