IJM Land in JV with S’pore firm on RM3 bil Penang waterfront project

PETALING JAYA: IJM Land Bhd has acquired a 32.76-acre land parcel in Penang from Singapore-based integrated real estate owner, developer and manager Perennial Real Estate Holdings Ltd (PREH). The companies will be jointly developing a RM3 billion international waterfront project in Gelugor, Penang.

The integrated development is located near the Penang Bridge and Penang International Airport, and is accessible from the Tun Dr Lim Chong Eu Expressway.

It will be the first mega mixed-used development  in the state and will 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%). Construction is scheduled to begin in 2018.

The development is expected to complement IJM Land’s The Light Waterfront Penang, which comprises 1,177 condominium units and luxury villas.

IJM Land and Perennial Real Estate plan to fund the development of the project with a combination of internal funds, bank loans and proceeds from the sale of its residential and office components.