GEORGE TOWN, May 9 — IJM Perennial Development Sdn Bhd today unveiled its RM4.5 billion integrated mixed-use waterfront development today with an expected completion in 2021.
The Light City, located in Gelugor on the east coast of Penang island, covers 32.76 acres of waterfront land and is the second phase of the 152-acre The Light Waterfront Penang project.
The project is designed as a “smart city” and will comprise a retail mall, Penang Waterfront Convention Centre (PWCC), two hotels, an office tower and two more residential projects.
“The RM375 million PWCC which features state-of-the-art facilities will serve as a game changer for Penang and position Penang as the center of attraction for meetings, incentives, conventions and exhibitions (MICE),” Penang Chief Minister Lim Guan Eng at the launch of the project at The Top in Komtar.
He said the project will not only inject confidence in the Penang property sector but also the whole tourism industry.
“It will have a minimum 800-table banquet hall and this will further promote and expand the convention and exhibition market,” Lim said in a press conference after the launch.
“This is a critical anchor projects will put Penang on the international map,” he said.
Work on The Light City is expected to start by the third quarter of this year.
Lim hoped the convention centre will be open by early 2021 as he felt the additional convention centre will bring a “multiplier” effect to MICE industry in the state.
“Penang is big enough for two convention centres and Spice is booked solid for this year so it means there is a need for another convention centre,” he said.
He pointed out that in these two weeks, there are two large conventions with a total 40,000 participants which proved Penang as a destination of choice for MICE.
IJM Perennial Development is a joint venture between IJM Corporation Berhad and Perennial Real Estate Holdings Ltd.
Phase One of the project, which consisted of luxurious residential units on 42 acres of land, is already completed.