IJM Land Bhd’s iconic waterfront project in Penang, known as The Light, will be launching its second luxury condominium within its first phase, The Light Point, this Saturday (Dec 19). The Light, with a gross development value of RM5 billion, is situated just off the Penang Bridge on the island’s eastern coastline.
According to its website, there are at least three phases planned for The Light -- the first phase consisting of three residential projects called The Light Linear, The Light Point and The Light Collection, phase two comprises a mixed development including a hotel, corporate park, office towers and business hotel, fashion mall and waterfront dining and entertainment district. Its third phase, according to the master plan, is a sea front park.
IJM Land’s managing director Datuk Soam Heng Choon told theedgeproperty.com that The Light Linear condominium, also part of the first phase of The Light, was launched in July. “All non-bumiputra units for The Light Linear have been sold since our launch. There is a lot of interest for The Light Point, which we are launching this weekend,” he said. Soam said the average price of The Light Point is RM600 psf.
The Light Point will be made up of 88-units of condominiums with built-ups from 1,830 to 4,090 sq ft. As reported in The Edge’s City & Country on March 30, 2009, The Light Point will consist of a 28-storey luxury condominium block, with only four units to a floor. The Light Linear, on the other hand, comprises two blocks of 17-storey condominiums with 328 units.
The whole waterfront project spans a total of 152-acres and will be developed over the next 12 to 15 years via Jelutong Development Sdn Bhd, a subsidiary of IJM Properties Sdn Bhd. - By Rosalynn Poh (The Edge Property)
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