IJM Land's waterfront project sees 50% take-up before launch

GEORGE TOWN: IJM Land Bhd's latest addition to the RM5.5 billion The Light Waterfront project — The Light Collection 1 — with a gross development value of RM203 million has seen a 50% take-up rate even before its official launch this weekend.

The Light Collection 1 is the third chapter of the larger development, after the launch of the Light Linear and Light Point in 2009. It will also be the first to feature the water villa series of the project which is being developed in three phases on 152 acres (61.5 hectares) over the next 15 years.

IJM Land's managing director Datuk Soam Heng Choon expressed confidence that the rest of the units would be taken up within the next eight months. The project boasts of being the only one of its kind in Southeast Asia with coral reef waterways weaving around and interconnecting the cluster of buildings.

Soam said the waterways were an impressive feat of high-tech engineering, extensive marine research and expertise which set the project apart from other projects in the country.

At a media briefing on the The Light Collection 1 here, he said the project offered 152 condominium units and 24 water villas within 7.16 acres of land. Also present at the briefing were general manager Toh Chin Leong and the project's architect Eric Tham Kong Meng from Veritas Architects.

The condominiums with floor spaces of between 1,367 sq ft and 1,582 sq ft each are priced at RM580 per sq ft while the three-storey water villas with 3,132 sq ft are priced at RM800 per sq ft.

Each of the water villas feature a basement private garage with three car park bays per unit.

Each of the condominiums and water villas come with air-conditioning units, water heaters, centralised water filtration systems, fibre-to-home, centralised vacuum systems and kitchen cabinets and will be completed by middle of 2013. The four blocks of condominiums are only eight-storeys high with six units per floor.

Soam said IJM would go on a roadshow to Hong Kong, China and Indonesia to market the project.

"There has been much interest generated on the project, which is among the first such waterfront projects in the region. We hope to launch the The Light Collection II project by the end of this year."