The Light Waterfront Phase 2, Penang
SilkrouteAsia was appointed in August 2013, the Investment Advisor to IJM Properties Sdn Bhd, a wholly-owned subsidiary of IJM Land Berhad to conduct strategic investment return analysis and investment structuring to procure strategic joint-venture partners with IJM Land for Phase 2A, comprising approximately 30 acres of the total 103 acres Mixed Commercial Development of The Light Waterfront Penang with an estimated gross development cost in excess of RM2.1bn. Phase 2A comprise of a retail mall, office towers, a 4-star family hotel, a business hotel and residences, a convention centre and a high-end residential tower, due to be completed by 2018.
The Light Waterfront Penang is a RM5.5bn mega development across 152-acres, showcasing the best in integrated waterfront living with residential, recreational, entertainment, business, hospitality, retail and commercial components housed in one dynamic hub. The project is divided into three phases – with Phase 1 comprising of 42 acres divided into 6 parcels of exclusive high-end waterfront residences with a total of 1,177 units with a mixture of sea-view condominiums and waterside homes with private jetties. Phase 2 comprises of 103 acres of Mixed Commercial Development while Phase 3 comprise of a 7 acres Seafront Park, a green lung along the eastern coastline of the entire development. A Marina with 120 berthing bays is also in the plans for boats and yachts to be parked with water taxi fleet used for ferrying visitors from different areas.
The Light Waterfront Penang when completed will be an iconic landmark to distinguish Penang as a world-class destination, with a waterfront living resort and lifestyle hub of international standards, complementing Penang’s status as a premier destination with Georgetown being granted The UNESCO World Heritage City status in July 2008. Strategically located on the eastern coast of Penang Island, it benefits from being just a short ride from Penang’s International Airport which provides global and regional connections by air and easily accessible via road, the Penang Bridge and water links.
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