Already one of the most popular states in Malaysia for foreign property ownership, Penang will now have a new mixed-use waterfront development named The Light City.
Photo credit: Perennial Real Estate Holdings
A joint venture between Perennial Real Estate Holdings and IJM Corportation, both companies have a 50% stake each in the IJM Perennial Development which will develop the landmark project that stands along the eastern coast of Penang in the Gelugor suburbs, near the Penang Bridge.
The 13.25 hectare project is targeted for a 2021 completion and will have a 4.1 million sq ft gross floor area on which sits the largest convention centre in Penang – The Penang Waterfront Convention Centre, 2 luxury hotels, an office tower, a retail mall and 2 residential developments – The Mezzo and The Essence. The developers hope to elevate Penang’s status as a destination for international conventions, events, exhibitions and retail shopping, and helping to create job opportunities for the state’s residents, to attract tourists and investors.
Photo credit: Perennial Real Estate Holdings
The Light City will be situated just a short drive from the Penang International Airport, which makes it accessible for visitors coming for future events and exhibitions at the convention centre. The 27,000 sq ft Penang Waterfront Convention Centre will contain a 76,000 sq ft multi-purpose hall, grand ballroom that seats 800 and pre-function areas with sea views.
