IJM Corp Bhd CEO and managing director Datuk Krishnan Tan singled out The Light as one of IJM's crown jewels.
"The Light is a spectacular project that will bring pride to the people of Penang as not only will it showcase the island's biggest waterfront development, it will also be on a par with renowned properties such as Canary Wharf in London, Melbourne's Docklands and Queens Quay of Toronto.
"It will be a symbolic landmark in Penang, clearly visible from the mainland and the Penang Bridge," he says.
The Light will be built over the next 10 years over 152 acres in three phases by Jelutong Development Sdn Bhd, a subsidiary of IJM Land.
It is located on the eastern coastline of Penang in Gelugor, along Jalan Udini heading towards Bayan Lepas, where the Penang government has given IJM the right to reclaim 338 acres in exchange for constructing the Jelutong Expressway.
Land reclamation works are currently underway and construction is expected to start before the end of 2008.
The Light will feature 1,186 units of high-end waterfront condominiums, office towers, four hotels, a family mall, an IT mall, a fashion mall, dining and entertainment facilities and a seafront park.
Under phase one, covering 17ha, six parcels of high-end waterfront residences, comprising 1,186 units, will be developed. Under phase two, a commercial and retail city, comprising the Gateway Towers, hotels, signature offices, showrooms, banquet and conference facilities, cultural hall, visitor centre and waterfront amphitheatre, will be built on 41.7ha.
A unique feature of The Light is a floating stage and a floating restaurant, with the entire development interconnected by water taxis. Tan says The Light will also boast a seafront park with 2km set aside for greenery.
The prices of the residential and commercial units at The Light are expected to be
in the region of RM350 to RM650 psf.
With the launch of The Light, Tan believes IJM Land has made an impact as a trusted developer building quality properties besides creating new townships and opportunities. - By The Edge Daily
No comments