Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Friday, November 30, 2007

Penang's very own Canary Wharf

PENANG: The Light, visible from the mainland and the Penang Bridge, is set to brighten Penang’s eastern coastline as a new major landmark.

Launched last Friday by Penang Chief Minister Tan Sri Dr Koh Tsu Koon, The Light is an ambitious RM4 billion project undertaken by IJM Corp Bhd’s subsidiary Jelutong Development Sdn Bhd.

When completed in 2012, The Light will significantly alter the island's coastline view off Gelugor, said IJM CEO and managing director Datuk Krishnan Tan.

To be built on three phases over 152 acres of reclaimed land, The Light will feature 1,186 units of high-end waterfront condominiums, office towers, four hotels, a family mall, an IT mall, a fashion mall, dining and entertainment facilities, and a sea front park.

The residential units will spread over 42 acres while the commercial and retail units over 103 acres, with the remaining seven acres for the sea front park.

The Light is a spectacular project and a crown in IJM’s portfolio that will bring pride to the people of Penang. It will be one of the island’s biggest waterfront developments, on par with international waterfront developments such as Canary Wharf in London, Melbourne’s Docklands
and Queens Quay of Toronto,” said Tan.

He said, among the unique features of The Light are a floating stage for arts and cultural performances, a floating restaurant and a marina for water taxis.

“As part of our commitment to the environment, we have set aside two kilometres of the coastline for greenery and will integrate plants into our project design."

According to Krishnan, the prices for the residential and commercial units have yet to be fixed but it could be in the range of RM350 to RM650 psf.

IJM was given the right to reclaim and develop 338 acres in the area by the state government in exchange for constructing the Jelutong Expressway. The Light is part of the 338 acres. Land reclamation and construction works are expected to start next year.

By theSun (by Tim Leonard)

No comments: