the light

residential (PHASE II)

Mixed Development (Phase 2)

IJM Land Berhad has entered into a 50-50 joint venture with Perennial Real Estate Holdings Limited to acquire and develop an approximately 1.4 million square feet (32.76 acres) freehold waterfront site into a large-scale integrated mixed-use development in Gelugor town located on the eastern coastline of Penang, Malaysia. The Joint Venture will acquire the site from Jelutong Development Sdn Bhd, a subsidiary of IJM Land. The total development cost for the project is estimated to be over RM3.0 billion.

Positioned as Penang’s first mega integrated waterfront icon, the dynamic mixed-use development is expected to house retail, entertainment, recreational, residential,business, hospitality and Meetings, Incentives, Conventions and Exhibitions (“MICE”) components. Spanning about 4.1 million sq ft in total Gross Floor Area (“GFA”), the preliminary concept of the one-stop destination is expected to comprise a shopping mall and thematic shops (~38%), residential towers (~26%), an office tower (~16%), two hotels (~13% with over 750 rooms) and a convention centre (~7%).

The iconic waterfront development is expected to be completed in phases, starting in 2018.