So far 42 acres reclaimed in IJM’s Penang project
A performing arts centre, a green shopping mall, marina, convention centre, and an IT hub to accommodtae MSC-status offices are among the key components of IJM Land Bhd’s RM4.3bil The Light Waterfront phase 2 project, located next to the Penang Bridge.
IJM Land managing director Datuk Soam Heng Choon said this at a recent press conference to unveil the components of The Light Waterfront phase 2 project.
The project’s construction work would start in 2012 when the ongoing exercise to reclaim 210 acres was completed, he added.
So far, IJM Land has reclaimed 42 acres for phase 1 of The Light Waterfront scheme, comprising 1,177 condominium units and gated-landed residential properties, which has an estimated gross development value of RM1.2bil.
“Out of the 210 acres, 152 acres are for the first, second and third phases of the project.
“The remaining 58 acres are reserved for the group’s future projects.
“It will take about 10 years to complete the second phase project from 2012,” he said.
Soam said the performing arts centre would be housed in an iconic building, equipped with seating for 2,000 people.
“There is a sea-fronting amphitheatre next to the performing arts centre.
“The marina that we are planning will have about 250 berths for yachts to park.
“There will be two four-star hotels, catering to the family and business markets, and a five-star business class hotel linked to a convention centre.
“There will also be a 40-storey IT building to house MSC-status companies. The green mall, which will have about one million sq ft of lettable area, provides street shopping facilities and a green environment,” he said.
The entire Light Waterfront project has an estimated gross development value of RM5.5bil, comprising three phases.
“The final and third phase is a seven-acre seafronting park,” he added.
Soam said the group has sold over 60% of the 416 condominium units launched so far under phase 1.
These properties were sold for between RM650,000 and RM1.8mil each, added Soam.
“We will be launching more residential properties for The Light Waterfront phase 1 towards the end of the year and early 2011,” he said. - By David Tan (The Star)
12 comments
I really love to see the progressive growth of Penang. But doubted their quality. Hope that the amphitheater won't be like our parliament building.
Every month Bocor.
maybe everyear the condo go lower by 1 storey....sinked......
judging at IJM's workmanship nowadays, who knows?
With CP & Mah Sing Lakefront development in line...Penangites! we have plenty of choices.
We start to see customers cancel orders in factory. Not sure it is a good time to launch gigantic project.
"...customers cancel orders in factory". That is terrifying... is that a rumor?
IJM's recent completion of their first "luxury Condo" in Penang, The Platino Luxury Condo was a big disappointment to many who had look up to IJM for quality works. It turn out they used cheap chicken wire fencing for their perimeter wall which should only belong to low cost housing and not a luxury complex like this. After this experience I will not buy what IJM claim any more. They are deceitful. Please read Paltino thread here.http://www.apartment-penang.com/2007/09/ijm-platino-luxury-condo-penang.html?commentPage=2
The economic recovery has slowed, having lost its momentum since middle of the year,
Feedbacks from bankers and lawyers firms reveal that buying activities are at a much slower pace now ...
As new projects are completed within the next couple of years, an oversupply of condominiums is imminent , this will definitely affect the selling price of condos ...
Healeth,
Well I have to say i pretty much agree with your views on the economic point of view.
You must be a very experienced investor.
My question: Is Malaysia or Penang property independent of property trends in surrounding countries? or Malaysia/Penang properties are very much influenced by countries like Singapore, maybe to extend of HK and China? Maybe not 100% but certain percentage. Singapore properties experiencing huge gain lately, as well as HK and China. HK and China gov are imposing a lot of restrictions to cool the situation. I.e. China only allows max 3 houses per person. For those rich Chinese (i mean from China), they are looking overseas to invest. My 2 cents.
SC,I agreed with u
Foreignera are only allowed to purchase property >RM500K as per M'sia Treasury requirement.
This is why developers are now targeting high end properties above 1mil. You can hardly find properties below 500k these days, I mean middle high to high end. HK n Singapore property prices continue to skyrocket despite gov measures to cool it down.