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Wednesday, July 28, 2010

IJM's The Light to contain world-class appeal

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 Business Times

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