A performing arts centre to rival Australia's Sydney Opera House, waterfront retail promenade and an international standard marina are among the attractions property developer IJM Land Bhd will unveil when it launches the second phase of its flagship waterfront "The Light" development in Penang at the end of the year.
Its managing director Datuk Soam Heng Choon yesterday said the proposed iconic arts centre, known as "The Pearl" is expected to boost a seating capacity of 2,000 and set to be sprawled over 0.8ha.
The proposed marina, meanwhile, is expected to offer club facilities with more than 200 berths.
"Also to be found in the second phase of this commercial development would be an information technology precinct for Multimedia Super Corridor-status companies and incubator firms," he said during a media launch of the company's "The Light Collection 1" in Penang.
The Light Collection 1 project, which carries a development value of RM203 million, was soft-launched in May, and Soam said half of non-Bumiputera units which are sprawled on 2.8ha have been sold so far.
Present at the launching ceremony were IJM Land general manager (north) Toh Chin Leong and one of the company's consultant architect, Eric Tham.
The Light Collection 1 is the first of four in The Light Collection series which offers 24 units of four-storey water villas and 152 condominiums in four eight-storey blocks.
While the condominiums have built-ups of 1,371 to 1,582 sq ft, the water villas, which are touted to be the first of its kind in the country, are set to boost a built-up area of 3,132 sq ft.
The units are priced from RM823,600 to RM3.18 million.
With a gross development value of RM5.5 billion, The Light is a 60.8-ha freehold waterfront development which will be built over the next 12 to 15 years.
Soam said IJM Land intends to make The Light one of the best waterfront places to live in Malaysia.
"Living by the water," he noted, "represents the highest level of luxury for many home owners."
The entire The Light development is undertaken by IJM Land's subsidiary, Jelutong Development Sdn Bhd.
The project, which will be carried out in three phases, is being touted as the biggest and best integrated residential, shopping, dining, recreational and commercial waterfront living in the northern region. - By Marina Emmanuel (Business Times)
23 comments
Mr Soam,
Dont Talk about highest level of quality when you cant even address to some basic problems of your other products and services...eg non compliance of the product shown in brochure and end product, your company marketing practices, the level of fairness between bulk buyer n single buyer ......etc
Try look through the others blog of your projects....The Spring, Summer Place.....
Or perhaps your company emphasis is more on profit rather than customer satisfaction....
I hope you can spend some time to look through our problem and expectation ....
Can anyone sms mr soam to invite him to visit all blogs to understand more about the activities n services provide by IJM and the complaints...
well said PEngineering!!
To IJM, please do not only treat your bulk buyers / rich tycoon like customer and fool the rest of the individual purchaser & genuine buyer as idiot...
Wahhhh! I'm so impressed!
To get attention just call reporter and tell them your problem then people all the world will know.
That's Just Bull,
IJM is more to profit,
Their The Light project is Waaaayyy over penangite's budget to buy a house (RM600~700++ /sq ft.) for a Small Condo,
imagine when the Light get's finished,
penangites need to fork out RM700,000 just for a 1000 sq ft small house,
Meaning you need to have an average of RM70,000 Annual income to afford a 1000 sq ft Condo,
Now let's consider how many of Medium Range Family's can get an Annual Income of RM70,000 / Annum???
Let's Be Realistic, How much is our penang's Fresh Grad's Salary??? e.g.: Engineers have an average or RM30,000~RM35,000 / Annum Salary,
IF Wife + Husband Have Same Salary,
They Need to Fork Out RM3,200++ / Month Just To Settle Their (1000 sq ft. Condo) Loan, That Doesn't EVEN Include The Family's Monthly Expenses (Without Children + Car Loan).....
Mind You, But penang has more medium Ranged Family's Compared to High Income Group,
So Congratz to Those RICH ppl who finally have a part in their so called "Highest Level Of Luxury Living By The WATER"
IJM is targeting foreigner and cash rich investors who can afford to bulk purchase. As whether penangite could afford to buy is secondary. Judging from the superb location and comtemporary concept of thier project, they will not sell cheap. We can only blame ourselves for not earning enough.
properties selling at future prices. Bubble is forming..... interest rate getting higher...real estate price fall....:>
Lee,
Why we form our own elected government!! This is because we want them to take care the interest of the people in penang and not only the rich n the foreigners. Who approve IJM to build on this superb location ? Our concern here is not whether the property is expensive or cheap....our concern is that this greedy developer is taking advantage of the reclaim land they acquired through our elected BN government thus allowing IJM to deprive we, the penangite the opportunity to purchase from them unless we have $$ to buy bulk. So, mr lee, our question here is whether the government should allocate penang's prime land to this type of developer in the future.
The only way to fix this problem is to have a fairer development throughout the state. Provide amenities and good public transportation. Not just concentrate on the island or choice places like Damansara, Kota Damasara, Bukit Jalil, etc in KL. Then people wouldn't mind living in other places. Then with demand spread out, housing will be cheaper overall. Example in Penang, if people are more willing to live on the mainland, demand for island properties would be more balanced. In KL, the LRT, monorail will run thru choice places. The extension will cover Kota Damansara and until Putra Heights - all developed by GLCs and high profile developers who sell their properties at a premium.
Even in the properties being sold to local at the so called affordable price, being Penangites, will always try to resell it at higher price to others, and in no time the price will be jacked up high way above than so called afforadable price.
That is the reality and IJM knows it well and profiting from it. That is how big corporation makes their money.
It all depends on Penang people themselves. If you continue to buy at such a ridiculuos pricing which agents and sellers told you as "market price", how would you expect the pricing to drop? Can government do anything?
Take IJM The Spring for example, I do not think the units possibly worth anything more than 250k. But if you want to buy at 350k, that's your choice to throw away your money. And do not blame the authority for not doing anything to protect locals... Your choice.
danny,
how can we have a choice....unless we can able to stop all buyer at one go...u dont buy other people will buy....think about it.
You should buy, and buy earlier, either for own staying or investment. The difference here is you should not buy by following the wind and buy blindly. Thats the reason why so many people are buying properties in this country but not everyone can turn millionaire just like that. Penang properties price has gone beyond the average housing income, but certainly not to those foreigners, wealthy golden age, bosses, or late-gen X and Y group working in electronic industry. Affordability still there, and these group may just sustain the new supply, and whether this will cause the property bubbles is still unknown, at least under 10th malaysian the outlook was so so positive...ask Najib :-)
Yes, I reckon should buy earlier, but smartly. Those projects asking 550-700psf or leasehold @450psf from our beloved IJM may not be your cup of tea unless you have a big appetite and connection with them. Before the light collection I was officially launched, there were already investor willing to let go of thier units, i even called them up and asked. Obviusly these are the bulk buyers who got the units at the much lower price through internal connection with IJM, and making a huge bucks by just did a simple flip. Surprisingly IJM also allowed this as apparently the S&P is not being signed yet. Think it deeper, you will feel yourselve like an idiot and play like a fool by this developer-bulk buyers circle, they are the only winner in the whole process. Nevertheless, Dun wait for the price to drop, it is not going to happen. The property price is so rigid that it doesn't drop that easily, even it does, it will get adjusted back quickly and bounce beyond the previous baseline. If there is really a major recession, all kind of investment will get affected eg. shares, unit trust, even your fix interest, in fact property could be among the safest one.
I've stop believing what crabs IJM is promising after my recent bad experience with IJM. I bought a Platino Luxury Condo from IJM. Like here they boasted how luxurious it will be. IJM 1st Luxury Condo in Penang. As it turns out they are now resorting to cost cutting, using chicken wire fencing for the security wall(very low and no barb wire - big gap below where thieves/rapists can crawl through). Some low-cost housing has better and more secure fencing. Be careful as what they promised may be another gimmick and the buyers became suckers. See photos at Platino Forum and judge for yourself, this is only the beginning as no one can assess the building to inspect for other facilities and workmanship, More worst discovery may well lie ahead - I am totally disgusted with IJM lies and being so cheap. So can IJM still boast about one of a kind world-class appeal. As I see their Platino Luxury Condo is by no way Luxurious at all. Buyer should get a refund.
http://www.apartment-penang.com/2007/09/ijm-platino-luxury-condo-penang.html?commentPage=2
Platino is selling RM400psf when first launch last 3 years. I guess some of u bought it that price. It can't consider as luxury as well. But your purchase price had achieved >RM700k thats why they call it luxury.
Liz are you for real? Who is paying Rm 700 psf for any Platino unit? I wish to know that buyer. I would sell mine in a heart beat if it can fetch even Rm 500 psf. You are doing some wild claims without real merit. IJM name Platino as a "luxury Condo" so they should back that claim other wise that is tantamount to a lie, deceit and fraud.
The name is 'PLATINO LUXURY CONDO'. Isn't that in black and white enough "Gong Gong" I may not have basic knowledge but I can read and understand better then you. Really you are Gong Gong!!!
Gong, Are you a XJM staff..why instigate to take legal action? Penang Fan is just trying to justify a point as a owner/customer. It is up to XJM as a developer to comply or not..it is their reputation at stake not you and not owners/buyers...penang fan just want to share his concern..and you just a poor fellow trying to give personal attack
Like: haha....no offence....because I saw Penang Fan put so many '-'ve remarks in all the blogs ......just shoot him to give '+'ve feedback to our penang property only. I am not XJM staff.I'm just a future buyer to penang property.
Any one care to share XJM +ve remark, I would like to know....
I don't even want to bother to answer Gong Gong's rude remarks. He's really Gong, Gong(Hokkien for crazy. He chose that name right for that matter). He spells like someone with no education and lack of civility. People like him are best left alone. I will not lower my standard to response to him at all. That would elevate his standing. I doubt that he has money to invest in any properties let alone luxury condos not even low cost flat I would dare say.
Haha...Penang Fan is 'pek cek'(geram)with me....