The second phase of the highly successful The Light Waterfront is expected to begin construction by year-end, and is scheduled for completion by 2020.
IJM Land Bhd will joint venture with its Singapore-based partner, Perennial Real Estate Holdings Ltd, to develop this project worth RM3 billion.
Based on the plan, the second phase of The Light Waterfront will include two residential towers, two hotels, a convention hall and function rooms that have gross floor areas of 100,000 sq ft, a retail mall and an office tower block. As of the Q2 2016, the residential and office towers are up for sale.
Image: Sourced from apartment-penang.com
According to the firm’s Senior General Manager Datuk Toh Chin Leong, the commercial properties such as retail outlets, hotels, mall and convention centre will be managed by the firm itself, as a source of long-term recurring income.
Since the project is located nearby the free industrial zone, the firm also has plans to lease the offices to the multinational corporations.
As the project has a great location, the residential units can also be leased to young executives with a rental range of between RM3,000 and RM8,000, depending on the unit’s size and the furnishings.
Featured image: Sourced from silkrouteasia.com
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
