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Friday, November 23, 2007

IJM Properties unveils RM6.5b Penang waterfront project

IJM Properties Sdn Bhd is set to transform Penang into a world class economic and residential hub with the unveiling of its project, The Light Waterfront Penang.

IJM Corp Bhd chief executive officer/managing director Datuk Krishnan Tan said the RM6.5 billion mixed residential and commercial development is the island’s first integrated waterfront city and would be built on part of the 137 hectares of reclaimed land along Penang’s eastern coastline.

“The Light will feature 62ha of breathtaking development on the reclaimed land and will be developed in three phases,” he said at ceremony to unveil the project in Penang today.

Under phase one, covering 17ha, six parcels of high-end waterfront residences, comprising 1,186 units, would be developed.

“The development is expected to be completed in three to five years,” he said.

Tan said under phase two, a commercial and retail city, comprising Gateway Towers, hotels, signature offices, showrooms, banquet and conference facilities, cultural hall, visitor centre and waterfront amphitheatre would be developed on 41.7ha.

“One unique feature of the city is the floating stage and a floating restaurant. The entire city will also be interconnected by water taxis,” he said.

He said The Light would also feature three ha of seafront park under phase three of the development.

Tan said the project, which will developed by IJM Properties Sdn Bhd’s subsidiary, Jelutong Development Sdn Bhd, is expected to be completed in 2017.

“Land reclamation is in progress and construction will start by the end of next year,” he said.

By Bernama

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