“Spanning about 4.1 million sq ft in total gross floor area, the preliminary concept of the one-stop destination is expected to comprise a shopping mall, thematic shops, residential towers, an office tower, two hotels with over 750 rooms and a convention centre.”
IJM Land in project tie-up
IJM Land Bhd has entered into a strategic partnership with Singapore-based Perennial Real Estate Holdings Ltd (PREH) to acquire and develop a 32.76-acre freehold waterfront land in Gelugor, Penang, into a large-scale integrated mixed-use development.
To be completed in phases starting from 2018, the total development cost for the project is estimated to be over RM3bil, IJM Land said in a statement.
IJM Land and PREH will each have a 50% interest in the joint-venture (JV) company Aura Hebat Sdn Bhd, which will acquire the site from Jelutong Development Sdn Bhd, a subsidiary of IJM Land.
IJM Land, the property development arm of IJM Corp Bhd, said it would be positioned as Penang’s first mega-integrated waterfront icon for house retail, entertainment, recreational, residential, business, hospitality as well as meetings, incentives, conventions and exhibitions (MICE) components.
Spanning about 4.1 million sq ft in total gross floor area, the preliminary concept of the one-stop destination is expected to comprise a shopping mall, thematic shops, residential towers, an office tower, two hotels with over 750 rooms and a convention centre.
The landmark integrated development is situated near the Penang Bridge and a short drive from Penang International Airport.
“The integrated development will be complemented by the adjacent Phase 1 of The Light Waterfront Penang, a residential development comprising 1,177 condominium units and luxury villas by IJM Land that has been largely completed and almost fully sold,” IJM Land said.
The JV partners intend to fund the development of the project through a combination of internal funds, bank loans and proceeds from the sale of the residential and office components to optimise cashflow.
Read more The Star 28/4/2015.
