An artist's impression of The Light.
KUALA LUMPUR: IJM Land Bhd's flagship development in Penang, The Light, valued at RM4.5bil, will be launched early next year.
Work on the 152-acre mixed residential and commercial development, on 338 acres of reclaimed land along the eastern coastline of Penang (near Tesco hypermarket), will begin in September and scheduled for completion in 2017.
IJM Corp Bhd deputy chief executive officer and deputy managing director Teh Kean Ming told StarBiz yesterday the development would comprise very upmarket waterfront villas, condominiums, office buildings, a hotel, shopping complex, “floating restaurant” as well as facilities for meetings, incentives, conventions and exhibitions. There will also be an amphitheatre, and an event stage on the sea, waterways and canals.
“This will be a very unique waterfront development that we plan to launch in the first quarter of next year. We may launch some low-rise condominiums and the water villas first,” he said, adding that the indicative price of the villas was about RM10mil each.
IJM Land managing director Datuk Soam Heng Choon said The Light would transform Penang into a modern and progressive state.
“The Light Waterfront is IJM Land's jewel in the crown. We are very proud of the project and are extremely excited about what it means for Penang in particular, and Malaysia as a whole,” he said.
Soam said the RM6.5bil mega project, to be developed over three phases, constituted over half the value of all properties featured at the i-Property exhibition, which opened at the KL Convention Centre yesterday.
He said the 42 acres under phase one would have six parcels of 1,186 units of high-end residential waterfront developments, while the 103-acre phase two would involve residential, commercial and retail properties.
He said that in line with the company's efforts to cut utility costs and promote green building concepts, The Light Waterfront would lead the way as Malaysia's premier eco-friendly development.
“In implementing this project, we will follow the guidelines prepared by The Leadership in Energy and Environmental Design, which will result in energy-efficient, healthier, and environmentally-sustainable buildings.
“We are committed to developing eco-friendly buildings as they will help our customers save on utility bills. This is important, especially now with rising energy costs,” he said.
Among the eco-friendly technologies are wind turbines, solar panels, a modern water management system and green roofs. The use of recycled materials in selected areas and a state-of-the-art solid waste management system are also in the cards.
Another unique “green” feature is the harvesting of coral reefs in the waterways around the residential phase.
By The Star - StarBiz - (by S.C.Cheah)
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