Perennial Real Estate Holdings Limited and IJM Land Berhad have today entered into a 50-50 joint venture to acquire and develop an approximately 1.4 million square feet freehold waterfront site into a large-scale integrated mixed-use development in Gelugor town located on the eastern coastline of Penang, Malaysia.
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 components.
Spanning about 4.1 million1 sq ft in total GFA, the preliminary concept of the one-stop destination is expected to comprise a shopping mall and thematic shops, residential towers, an office tower, two hotels and a convention centre.
The landmark integrated development is strategically situated in close proximity to the famous Penang Bridge and not far from the second Penang Bridge, a short drive from the Penang International Airport, and easily accessible by the Tun Dr Lim Chong Eu Expressway.
In addition, 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 which have been largely completed and almost fully sold. Source by Perennial Real Estate Holdings Limited.