IJM Corp Bhd’s unit, IJM Construction Sdn Bhd, has clinched a RM864.7 million contract from Tumpuan Azam Sdn Bhd for the construction of a convention centre and an 11-storey retail mall in George Town, Penang.
The project will form part of The Light City, an integrated waterfront mixed development in Penang comprising retail malls, a convention centre, offices, hotels and residential condominiums.
The group expects to complete the retail mall within 46 months or by 31 July 2024. The convention centre, on the other hand, is expected to be completed in 48 months or by 30 September 2024, reported The Edge.
Tumpuan Azam Sdn Bhd is a fully-owned subsidiary of IJM Perennial Development Sdn Bhd, which in turn is a 50:50 joint venture between IJM RE Sdn Bhd (a fully-owned unit of IJM) and Perennial Penang Pte Ltd, which is an indirect fully-owned unit of Singapore-listed Perennial Real Estate Holdings.
Image source The Light City