Phase 2 is the RM4.5bn Light City, which will cover 33 acres of reclaimed land out of the 152-acre Light Waterfront Penang project.
The developer is IJM Perennial Development Sdn Bhd, a joint venture between IJM Corp Bhd and Perennial Real Estates Holdings Ltd. Perennial Real Estates is an “integrated real estate and healthcare company headquartered and listed in Singapore”, which also has business interests in Singapore, China, and Ghana.
The Light City, which is Phase 2, consists of the following components:
• Mixed commercial mall
• Business district
• Signature office and showroom
• Resort hotel
• Office tower and business convention hotel
• Convention centre
• Waterfront mall
• “Boutique lifestyle hotel”
• Performing arts and cultural centre
The 4.1m square feet in gross floor area is broken down as follows:
- a shopping mall and thematic shops (~38%),
- residential towers (~26%),
- an office tower (~16%),
- two hotels (~13%, over 750 rooms) and
- a convention centre (~7%).
Under a swap deal during the BN administration of Penang, highway developer Jelutong Development Sdn Bhd (JDSB) was “compensated for the construction of a 4.7km three-lane dual carriageway with 368 acres of land reclamation rights”, according to the International Journal of Construction Management.
JDSB is an 80 per cent subsidiary of IJM Properties Sdn Bhd, which in turn is a 100 per cent subsidiary of IJM Land Bhd.