PENANG | The Light Waterfront Development News [Archive]

pen

November 28th, 2007, 10:14 AM

RM6.5b waterfront city in Penang

Wednesday November 28, 2007
The Star
By CHRISTINA CHIN

DRIVING along the Jalan Udini coastal highway towards Bayan Lepas in Penang, one cannot miss the massive sea reclamation near the Penang Bridge.

Over the last six months, sand has been dumped on the seafront at a feverish pace, creating a new land bank now covering several hectares.

For those wondering what development is about to take shape, the site has been earmarked for a RM6.5bil waterfront city to be completed in 10 years.

Come 2017, visitors to the island will be greeted by the sight of a new coastal township framed by iconic landmarks like the Penang Bridge and Komtar tower.

Attractions include a seafront park, floating restaurant, waterfront amphitheatre, water theme park, international convention centre, hotels and shopping mall. There will also be waterfront homes with private jetties and high-end condominiums for those who can afford them.

The ambitious mixed residential and commercial development project, called The Light, will be developed by Jelutong Development Sdn Bhd (JDSB), a subsidiary of IJM Properties Sdn Bhd.

With construction scheduled to start in late 2008, the 61.5ha reclaimed land project is set to transform the island’s eastern coastline into a breathtaking tourist attrac-tion.

According to IJM Corp Bhd chief executive officer and managing director Datuk Krishnan Tan, The Light is the “ultimate challenge” for the company under the Jelutong Expressway (JE) privatisation pro-ject.

“We took on a challenge in 1997 to build the JE and despite the physical and technical challenges of implementing the project in the face of the Asian financial crisis, we delivered.

“Now, the JE’s success as a privatisation project will be entirely driven by The Light which will also have a major impact on the state’s development.

“An integrated waterfront living concept, The Light is a dynamic township which incorporates residential, entertainment, business, education and commercial com-ponents,” Tan said, adding that his company was currently conducting reclamation works.

“Under Phase One, six parcels of high-end residences will be developed over 17ha comprising 1,186 units. We expect completion in three to five years.

“Phase Two will see a commercial and retail centre being developed over 41.68ha of land.

“It will comprise twin gateway office towers, family resort, boutique and spa and business hotels; banquet and conference, dining and entertainment facilities; cultural hall, visitor centre and waterfront amphitheatre.

“There will also be family, IT, fashion and activity malls with attractions like galleries, entrepreneurial incubators, recreational park, gourmet dining, floating restaurant, water taxi, water theme park, miniature golf, skating ring and rock climbing course,” said Tan, adding that Phase Three would be developed into a 2.8ha seafront park.

The project was announced by Chief Minister Tan Sri Dr Koh Tsu Koon at e-Gate last Friday. Also present at the launching ceremony were IJM Properties Sdn Bhd managing director Teh Kean Ming and JDSB director Datuk Syed Mohamad Aidid.

http://i237.photobucket.com/albums/ff227/jeff1983/light.jpg
The Light at night: An artist's impression of the mixed residential and commercial development project

http://i237.photobucket.com/albums/ff227/jeff1983/light2.jpg
Reclamation works: The reclamation works being conducted at the site near the Penang Bridge.

http://i237.photobucket.com/albums/ff227/jeff1983/light3.jpg
Future landmark: Visitors viewing a model of the Light project.

potipoti

November 28th, 2007, 06:29 PM

i think it's a fantastic project, and it seems that all the cities want to win the competition against the sea, hehehe

TYW

November 29th, 2007, 04:49 PM

i wish this project don't take another one million years to complete...

built_in_me

December 6th, 2007, 08:39 PM

people......trust me it's by IJM...it won't take million years...it'll go as planned....IJM is always a good developer.....

built_in_me

December 6th, 2007, 08:42 PM

guys is there any better website about this project.....like official website or something...

built_in_me

December 6th, 2007, 08:55 PM

some might be a little sceptical about PGCC...but even if PGCC doesn't workout....there are lots of other promising projects which are more promising namely THE LIGHT...SERI TANJUNG PINANG (the following phases)...BAYAN MUTIARA.....QUEENSBAY MASTERPLAN.....THE ONE......2ND LINK with BANDAR CASSIA......PENANG TIMES SQUARE.....plus we have have good Penang-based developers like IVORY , PDC..etc..etc.........Pena

jlshyang

December 6th, 2007, 10:42 PM

people......trust me it's by IJM...it won't take million years...it'll go as planned....IJM is always a good developer.....

That's right. We can trust IJM. I have lived in two apartments which were both developed by IJM and my family's looking forward to seeing more IJM projects which will suit our budget. :)

built_in_me

December 7th, 2007, 07:47 PM

exactly...IJM is very suitable developer for Malaysian standard cos it goes hand-in-hand with malaysia economy status....and it takes care of development for classes...from poor to rich can enjoy properties from IJM...even those BELLEVIEW IVORY PDC are reliable too....go Penang

built_in_me

December 7th, 2007, 07:54 PM

im kinda overwhelmed with this project cos theres alwiz uncertainty about any project..but this project being so spectacular and on top of that it's by IJM..theres only one promise "We all gonna see THE LIGHT soon"

Bratapfel

December 9th, 2007, 02:12 AM

That must be Miami++ :D

nazrey

March 6th, 2008, 04:18 PM

Set To Be An International Waterfront Icon

http://www.livintrend.com/images/light1.jpghttp://www.livintrend.com/images/light4.jpg
http://www.livintrend.com/images/light2.jpghttp://www.livintrend.com/images/light3.jpg

IJM Corporation Bhd’s recent unveiling of The Light Waterfront Penang or The Light in short, to be built on part of the 338 acres of reclaimed land along Penang’s eastern coastline, will have a major impact on the island state.

Its chief executive officer and managing director Dato’ Krishnan Tan said, “Not only will it showcase the biggest and the best in integrated waterfront living with residential, enter tainment, business, hospitality, education and commercial components in one dynamic city, the allure of the new and transformed township with The Light as its gateway, combined with Penang’s age-old and natural appeal, will make the island a unique destination."

“We look forward to developing this eastern corner of Penang island that we all know and love into a spectacular and elite destination that will have worldwide appeal in the years to come.”

This RM6.5 billion integrated waterfront development will comprise both residential and commercial components. It will be developed by Jelutong Development Sdn Bhd, a subsidiary of IJM Properties Sdn Bhd, which in turn is the property arm of IJM Corporation.

Spanning 152 acres, this project has gross development value of RM4 billion. It will be developed in three phases over 10 to 15 years, with phase one expected to be completed in 2012.

Covering 42 acres, phase one has been set aside for the development of six parcels of high-end waterfront residences totalling 1,186 units.

Phase two, encompassing 103 acres, will be developed into a commercial and retail city. The commercial city will include a gateway tower, family hotel, resor t hotel, boutique and spa hotel and high rise business hotel for business travelers.

Other components include an exhibition centre, signature offices and showrooms, banquet and conference facilities as well as a waterfront promenade with dining and enter tainment facilities. Also in place is a cultural hall, visitor centre and waterfront amphitheatre.

The retail sector will comprise shopping, enter tainment and dining facilities. It will have separate malls for the family, information technology, fashion and one that is called active mall.

There will be a waterfront dining and enter tainment district sited along the promenade. Other unique features include performances on a floating stage and a marina with water taxis and a floating restaurant.

Seven acres have been set aside for a seafront park under phase three of this project, which will soon join the big league of waterfront resor t-living icons such as London’s Canary Wharf, Melbourne’s Docklands, Sydney’s The Rock and Toronto’s Queens Quay.

As par t of IJM Corporation’s commitment to the environment, new trees will be planted along the eastern coastline where The Light project is located with two km set aside for a greenbelt.

nazrey

April 14th, 2008, 06:46 AM

The Light Waterfront (http://www.thelightwaterfront.com/)

http://img33.picoodle.com/img/img33/4/4/13/f_01m_899bd69.jpg

nazrey

April 14th, 2008, 07:25 AM

http://img37.picoodle.com/img/img37/4/4/13/f_02m_80014a0.jpg

nazrey

June 2nd, 2008, 09:46 AM

Penang projects to gain from conversion
Monday June 2, 2008, TheStar

A NUMBER of property projects in Penang, especially those on reclaimed land of the island and township developments by state agencies, can look forward to higher property value if the land tenure of these projects is converted to freehold from their current leasehold status.

According to Real Estate and Housing Developers Association Penang chairman Datuk Jerry Chan, while most privately owned pieces of land are on freehold status, projects on state reclaimed land are mostly on leasehold land.

Townships undertaken by state agencies in Bayan Baru and Seberang Jaya and commercial projects such as Komtar are also on leasehold basis.

“The initiative to allow the conversion of leasehold residential land to freehold status is certainly welcomed as it will add value to leasehold property and development projects in the state.

“It is a timely exercise to raise Penang's profile and attraction as a real estate destination,” Chan said.

The projects that stand to benefit include IJM Properties Sdn Bhd's 350 acres of reclaimed coastal land along the Jelutong Expressway, which has a potential gross development value of RM6.5bil.

Under a privatisation exercise in 1997 to build the Jelutong Expressway, IJM was granted the right to reclaim the land for property development.

Development plans for an integrated waterfront township called The Light will comprise residential, entertainment, business, education and commercial components.

Under phase one, six parcels of high-end residences will be developed over 17ha comprising 1,186 units. It is scheduled for completion in three to five years.

Phase two will comprise a commercial and retail centre on 41.68ha while phase three would be developed into a 2.8ha seafront park.

Previously, there were also other sizeable leasehold property developments in the state that have been converted to freehold status.

In October 2005, the former Penang state government allowed the 73-acre Queensbay land to be converted from leasehold to freehold. The Queensbay (http://www.skyscrapercity.com/showthread.php?t=430448&page=3) project, which was located on reclaimed land, was jointly developed by the state and a private developer.

When the original developer was unable to continue with the project, the state government in a kind gesture granted the conversion of the freehold titles to the buyers as “compensation in kind”, as the developer (the state is also a partner) was unable to pay the liquidated damages.

The CP group was invited by Bayan Bay Development Bhd to be the “white knight” to revive the project. Work started in 2005 and the project is scheduled for completion in 2013.

The entire integrated seafront township in the southwestern seaboard of Penang island will have a gross development value of RM1.5bil.

In 2006, E&O Property Development Bhd also managed to convert its Seri Tanjung Pinang reclaimed land in Tanjong Tokong to freehold status.

Seri Tanjung Pinang (http://www.skyscrapercity.com/showthread.php?t=430522&page=3), with an estimated gross development value of RM2bil, is a key earnings driver for E&O. With the 605 acres and rights to reclaim a further 740 acres, the company is one of the largest developers in Penang now.

Sukino

June 3rd, 2008, 02:46 AM

Light collection? Could it be any more congested?

nazrey

July 13th, 2008, 02:59 AM

Update :

Some picz on The Light reclaimation project....but these pictures are kinda useless coz can hardly see anythin....can only see that a lot of work is going on compared to few months ago...it looked busy thats why i took...and the ground level "the light" is a little higher than the natural penang land.....

http://img149.imageshack.us/img149/2909/thelight3yt8.jpg (http://imageshack.us)

http://img355.imageshack.us/img355/4413/thelight1gt6.jpg (http://imageshack.us)

nazrey

July 13th, 2008, 02:08 PM

Location

THE LIGHT represents IJM’s pioneering challenge to showcase the biggest and the best in integrated waterfront living, with residential, recreational, entertainment, business, hospitality, education and commercial components all in one dynamic hub.

It will be the jewel in the crown for IJM Properties Sdn Bhd’s portfolio of achievements.

http://www.thelightwaterfront.com/images/The%20Location/site-excellence-enlarge.gif

by budak

http://img34.picoodle.com/img/img34/4/7/13/f_01m_2c6faac.jpg

nazrey

July 14th, 2008, 04:19 PM

photos by @Dmateur from flickr

http://farm4.static.flickr.com/3146/2601116750_0ffed1cbca_b.jpg

http://farm4.static.flickr.com/3052/2600276773_fc5ef28889_b.jpg

nazrey

July 26th, 2008, 04:30 AM

2009 launch for IJM Penang project
Saturday July 26, 2008, By S.C. CHEAH, TheStar

KUALA LUMPUR: IJM Land Bhd's flagship development in Penang, The Light, valued at RM4.5bil, will be launched early next year.

Work on the 152-acre mixed residential and commercial development, on 338 acres of reclaimed land along the eastern coastline of Penang (near Tesco hypermarket), will begin in September and scheduled for completion in 2017.

IJM Corp Bhd deputy chief executive officer and deputy managing director Teh Kean Ming told StarBiz yesterday the development would comprise very upmarket waterfront villas, condominiums, office buildings, a hotel, shopping complex, “floating restaurant” as well as facilities for meetings, incentives, conventions and exhibitions. There will also be an amphitheatre, and an event stage on the sea, waterways and canals.

http://star-space.com/archives/2008/7/26/pnews/b_03light.jpg

An artist's impression of The Light.

“This will be a very unique waterfront development that we plan to launch in the first quarter of next year. We may launch some low-rise condominiums and the water villas first,” he said, adding that the indicative price of the villas was about RM10mil each.

IJM Land managing director Datuk Soam Heng Choon said The Light would transform Penang into a modern and progressive state.

“The Light Waterfront is IJM Land's jewel in the crown. We are very proud of the project and are extremely excited about what it means for Penang in particular, and Malaysia as a whole,” he said.

Soam said the RM6.5bil mega project, to be developed over three phases, constituted over half the value of all properties featured at the i-Property exhibition, which opened at the KL Convention Centre yesterday.

He said the 42 acres under phase one would have six parcels of 1,186 units of high-end residential waterfront developments, while the 103-acre phase two would involve residential, commercial and retail properties.

He said that in line with the company's efforts to cut utility costs and promote green building concepts, The Light Waterfront would lead the way as Malaysia's premier eco-friendly development.

“In implementing this project, we will follow the guidelines prepared by The Leadership in Energy and Environmental Design, which will result in energy-efficient, healthier, and environmentally-sustainable buildings.

“We are committed to developing eco-friendly buildings as they will help our customers save on utility bills. This is important, especially now with rising energy costs,” he said.

Among the eco-friendly technologies are wind turbines, solar panels, a modern water management system and green roofs. The use of recycled materials in selected areas and a state-of-the-art solid waste management system are also in the cards.

Another unique “green” feature is the harvesting of coral reefs in the waterways around the residential phase.

nazrey

August 1st, 2008, 08:33 AM

The Light goes green
Friday August 1, 2008, TheStar

IJM’s The Light waterfront project in Penang will be developed in accordance with the Leadership in Energy and Environmental Design (LEED) - a green building rating system established by an international sustainable building movement.

IJM Land managing director Datuk Soam Heng Choon said the company was committed to building eco-friendly buildings as these features would help purchasers save on utility bills.

“This is especially important now with cost of energy on the rise. Besides eco-friendly technologies, the project boasts of wind turbines, solar panels, a modern water management system and green roofs.

“The use of recycled materials on selected areas and a state-of-the-art solid waste management system is also on the cards,” he said.

He also said that once the project was completed, residents and visitors would be able to enjoy a massive seafront park under Phase 3 of the development.

Featuring 1,186 units of high-end waterfront condominiums, an office tower, four hotels, a family hall, an IT mall, a fashion mall, dining and entertainment facilities, the project is located along the Penang’s eastern coastline.

nazrey

August 26th, 2008, 05:47 AM

IJM Land lines up projects with GDV of RM600m
By Zuraimi Abdullah Published: 2008/08/26
BusinessTimes

IJM Land Bhd, the property arm of builder IJM Corp Bhd, plans to launch 28 projects with a total gross development value (GDV) of RM600 million at its existing and new developments in the country in the year ending March 2009.

Key launches will include a new phase of The Light project in Penang and an upmarket development at Sebana Cove in Johor Baru.

IJM Land also expects to start building an upmarket residential and retail project in China’s automotive city, Changchun.

The Changchun project will boast a GDV of RM500 million, IJM Land managing director Datuk Soam Heng Choon said.

It will be undertaken on a 50:50 partnership with Talam Corp and is set to be completed in four years.

Soam said 15 out of the 28 projects are under IJM Properties Sdn Bhd, which is being consolidated into IJM Land.

“We are completing the rationalisation of IJM Properties into IJM Land by September 5,” he told reporters after IJM Land’s annual general meeting in Subang Jaya yesterday.

IJM Properties’ financial results will be consolidated into IJM Land’s account after the date, Soam added.

With the rationalisation, IJM Land will geographically be

a nationwide developer with prime areas in Penang, the Klang Valley, Johor, Sabah, Negri Sembilan and Malacca, he said.

Soam said properties under IJM Properties are expected to account for one third of its total GDV from the next financial year, although Klang Valley will remain IJM Land’s top contributor in the next few years.

IJM Properties has 20ha land in Penang, with The Light component as its jewel in the crown in the state.

Sabah will be a key area for the company too, with its 146ha land in Sandakan that is being developed into a mixed township development, he said.

IJM Land bought the Sebana Cove land in Johor for RM120 million and plans to redevelop into an upmarket residential area catering for Singaporean buyers, Soam said.

The project will boast semi-detached houses and townhouses prices from RM600,000 and RM400,000 respectively.

It will also have bungalow lots, a golf course and a marina.

nazrey

September 8th, 2008, 12:11 AM

IJM Land: Call us a property supermarket
By Jeeva Arulampalam Published: 2008/09/08 BusinessTimes

IJM Land Bhd will rebrand itself this Thursday as a new corporate entity that aims to be a top tier local developer with geographically diversified projects in Malaysia.

The rebranding exercise comes as IJM Land has completed its rationalisation of IJM Properties into the former last Friday.

"With a streamlined and focused business now, we can call ourselves a property supermarket as we have high-end products in KLCC and low-cost products in other townships," IJM Land managing director Datuk Soam Heng Choon told Business Times in an interview.

IJM Land currently sits on an enlarged landbank of 4,253ha with a gross development value (GDV) of RM26 billion, after holding company IJM Corp Bhd combined property units RB Land Holdings Bhd and IJM Properties Sdn Bhd into one entity.

As a softening property market looms ahead, Soam said, IJM Land will focus on its positive markets such as Sandakan and Penang.

"In Sandakan, the market is still bullish as its driven by crude palm oil while in Penang, we are launching new projects like The Light which will propel us into bigger developments there," he said.

The Light development is divided into four phases including residential, commercial and mixed developments plus seafront facilities.

The first residential phase, the Light Linear and Light Point projects, will be launched by year-end. "This project will see a blend of the new and old Penang," said Soam.

For a challenging market like Johor Baru, Soam said, the company will work harder at selling units while tweaking its products to meet the current market needs. "We will focus on the medium to medium high-end markets and slow down on (developing new) mass housing projects under RM250,000," he added.

Soam said, to contend with rising material costs and a softening property market, IJM Land will target housing needs of specific market segments. "We are focusing on the Malaysia My Second Home programme and marketing our Penang Pearl Regency project overseas. We are doing a sales launch overseas targeting Koreans over the next two months and if the response is encouraging, we will then do this for our other products," he said.

On overseas development, its maiden project will be an upmarket residential and retail project in China's automotive city, Changchun, with a GDV of RM500 million.

"We are looking at other second tier cities in China while considering other emerging markets such as Vietnam. However, we have not set a timeframe," Soam said.

nazrey

November 7th, 2008, 04:21 PM

nazrey

November 10th, 2008, 07:15 AM

http://biz.thestar.com.my/archives/2008/11/10/business/b_p12TheLight.jpg

An artist’s impression of The Light

ps5

December 2nd, 2008, 07:36 AM

http://farm4.static.flickr.com/3212/3075933093_09f72f562f_o.jpg

http://farm4.static.flickr.com/3043/3076765400_40d2471ab4_o.jpg

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http://farm4.static.flickr.com/3238/3076764264_81df9e047b_o.jpg

Artist impression of The Light Penang from IJM.

nazrey

December 3rd, 2008, 04:59 PM

posted by built_in_me
The Light Point

http://img150.imageshack.us/img150/7669/thelightpointpy1.jpg

The Light Linear

http://img514.imageshack.us/img514/9458/thelightlineargr8.jpg

The Light Collection 1

http://img514.imageshack.us/img514/3484/thelightcollection1go4.jpg

The Light Collection 2

http://img514.imageshack.us/img514/8476/thelightcollection2em8.jpg

The Light Collection 3

http://img388.imageshack.us/img388/8430/thelightcollection3mf4.jpg

The Light Collection 4

http://img150.imageshack.us/img150/32/thelightcollection4jp1.jpg

nazrey

February 21st, 2009, 10:35 AM

http://img18.picoodle.com/img/img18/3/2/21/f_02m_570ccfd.jpg

nazrey

March 2nd, 2009, 03:44 PM

nazrey

April 29th, 2009, 11:29 AM

RM2bil projects to be launched
Saturday, March 28, 2009
By The Star (by David Tan)

http://biz.thestar.com.my/archives/2008/11/10/business/b_p12TheLight.jpg

An artist’s impression of The Light

Penang to see new development year-round

KUALA LUMPUR-BASED developers will execute projects with an estimated gross sales value of RM2bil on Penang island this year despite a challenging economic climate and price the new products competitively.

IJM Land Bhd, for example, is launching projects with estimated gross sales value (GSV) of RM350mil in the second and third quarter of 2009.

These are high-end sea-fronting projects comprising the RM200mil Light Linear, RM102mil Light Point, and the RM48mil Lots 28 located near the Jelutong Expressway.

The Light Linear consists of two 17-storey block of 328 condominiums on a 7.6 acre land, while the Light Point is a 28-storey block of 88 condominiums on a 2.8 acre site, and Lots 28 comprises 28 units of two and three-storey commercial and shop offices on a 2.6 acre site.

Pricing new property launches competitively does not mean lowering the selling price.

IJM Land Bhd managing director Datuk Soam Heng Choon says the group’s new properties would be priced competitively to reflect current construction cost, which in reality was still above the pre-July 2008 level.

“In reality, prices of construction materials are still high, with the exception of steel bars.

“To reduce the price further means to go for lower specification and finishes. “However, the flexible loan packages and other incentives thrown in by the developer will make the properties more affordable,” he says.

Soam adds that the group recently launched the RM174mil Summer Place condominium project, located at the Jelutong Expressway.

“About 40% of the 531 condominiums in Summer Place was taken up on the first two days of the recent soft launch,” he says.

C P Group is implementing its RM300mil BayVillas water project at the end of 2009 for its RM2bil Queensbay project in Bayan Lepas.

Its executive chairman Datuk Tan Chew Piau says the BayVillas comprises 76 waterfront bungalows, waterfront gardens, and garden villas, equipped with built-up areas ranging between 3,100 sq ft and 10,000 sq ft.

The entire project is guarded and has private swimming pool facilities and smart home features.

Tan says the group’s 335-room, Eastin Hotel located in Queensbay, will come on by the end of 2009.

“This will be the second hotel operating under the Eastin brand name,” he says.

Tan adds that the group is holding back the commercial project, BayCapital office suites, scheduled for launching in mid-2008, after the country succumbed to the global economic recession.

To date, CP Group has generated about RM600mil from the sales of its properties in Queensbay.

The largest project to take off the island this year comes from Mah Sing Group Bhd, which expects to launch its RM1.35bil Southbay Penang by mid-2009.

Group managing director and chief executive Datuk Seri Leong Hoy Kum says that the launch of the project would coincide with the completion of Southbay Penang’s showhouses.

Leong says the Southbay Penang had to date attracted more than 3,000 prospective buyers of which 70% had registered their interest for Residence@Southbay’s superlink homes, and the rest registered their interest for Legenda@Southbay’s designer bungalows and Southbay City, the commercial precincts.

On the prices of Southbay Penang’s properties, Leong says the early registrants would still enjoy the old prices they signed up.

“We will not lower the prices but we will make it easier for buyers to own properties through our Easy Home Ownership scheme which has been very well received.

The Southbay Penang, comprising 376 units of landed residential properties and an integrated commercial hub, is scheduled for completion within seven years.

nazrey

May 6th, 2009, 02:25 PM

The RM5.2bil Light project to shine on IJM Land
Wednesday May 6, 2009
By ANGIE NG

http://star-space.com/archives/2009/5/6/pnews/p4-Thelight.JPG

An artist’s impression of The Light Waterfront Penang residential precinct

Waterfront development set to boost earnings

PETALING JAYA: IJM Land Bhd should see a boost in income with the launch of its flagship project, The Light Waterfront Penang, in the third quarter, analysts said.

The project has an estimated gross development value (GDV) of RM5.2bil. It has been scheduled for launch in the first quarter but was deferred when the property market softened under the pressure of the global recession.

Located on 61.5ha just off the Penang Bridge on the eastern coastline of Penang island, it will be developed in three phases over 12 years.

AmResearch said with the launch of The Light project, IJM Land’s three-year earnings compounded annual growth rate would be strong at 49% over financial years ending March 31, 2010 to 2012.

“The company’s annual sales are expected to rise from RM750mil in FY10 with the maiden launch of The Light Linear and The Light Point to more than RM1bil in FY11 with the launch of The Light Collection low-rise residences and sea-front bungalows,” it said in a report.

The research house’s earnings estimates are underpinned by unbilled sales of RM700mil and sales of IJM Land’s existing projects, including Seremban 2, S2 Heights, Taman Perling and Bandar Utama Sandakan.

The freehold integrated waterfront residential and commercial development of The Light will comprise 1,177 residences, including waterfront villas and condominiums.

The first phase of the residential series will be The Light Linear, comprising 328 units with built-up from 1,475 to 1,539 sq ft. With prices at around RM400 per sq ft, this phase will have a GDV of RM200mil.

The next phase, The Light Point, offers 88 condominium units with built-up from 1,830 to 4,090 sq ft at a GDV of RM100mil.

Priced around RM500 per sq ft, or an average of RM1mil a unit, the condos will have sweeping views of the Penang Bridge, the marina and George Town city.

Subsequent phases will be The Light Collection with GDV of RM600mil and sea-front bungalows worth RM300mil.

According to IJM Land managing director Datuk Soam Heng Choon, The Light represents the company’s initiative to showcase the best in integrated seafront living with residential, entertainment, business and hospitality in one dynamic hub.

For the project’s construction, IJM Land will leverage on its parent IJM Corp Bhd’s construction expertise.

IJM Corp is a contractor for several high-end condominium projects in the Kuala Lumpur City Centre (KLCC) area such as The Binjai and Commerce Asset’s headquarters in Jalan Raja Laut.

In its report, AmResearch said IJM Land had the attributes of a blue-chip proxy to the listed property sector.

This is given the potential enlargement of its market capitalisation and gradual improvement in its free float from future placements by parent IJM Corp.

“We understand from management that IJM Corp plans to gradually trim its holding in the property vehicle to 60% from the current 77% to promote greater institutional shareholding,” it said.

It added that the move would promote greater trading liquidity in IJM Land’s shares.

Also planned for launch in the third quarter is the Nusa Duta development on 127 acres in Iskandar Malaysia, Johor.

The RM320mil project will comprise mainly landed properties priced from RM300,000.

nazrey

May 17th, 2009, 08:23 AM

nazrey

June 10th, 2009, 07:40 AM

http://biz.thestar.com.my/archives/2009/5/6/business/p4-Thelight.JPG

Progressing:

http://farm4.static.flickr.com/3562/3575810618_32ce8dd72f_o.jpg

nazrey

July 5th, 2009, 10:56 AM

Surge in luxury condo launches
Saturday July 4, 2009
By DAVID TAN

GEORGE TOWN: More than 600 high-end condominiums will be launched on Penang island before the year-end.

Although local property prices have not been significantly affected, the volume of transactions has dropped slightly since January.

At present, landed properties in Penang are still holding firm at RM600,000 to RM700,000.

Mid-end high-rise properties are still priced between RM300,000 and RM400,000 for a 1,000-sq-ft unit, depending on their size and location.

Henry Butcher Malaysia (Penang) vice-president Shawn Ong said to bolster sales during the current challenging property climate, zero interest financing packages introduced for purchasers by developers have worked quite well.

“The latest residential product is the ‘mini superb condominium’.

“It is dubbed ‘mini superb condo’ because of its size but they offer five-star facilities like normal super-condo projects.

“Prices range between RM500,000 and RM1mil, depending on their size, location, design, concept, and specifications,” Ong said.

The normal super condos are priced from RM2mil, have built-up areas of over 5,000 sq ft, and are located in prime locations such as Gurney Drive, Pulau Tikus and Tanjung Bungah.

Market prices for such properties on Penang Island had generally remained stable, Ong added.

“The up-market high-rise residential development trend on Penang Island has changed over time. Initially, these developments were more prevalent in the north-western and north-eastern parts of the island such as Pulau Tikus, Gurney Drive, Tanjung Tokong and Tanjung Bungah areas.

“However, due to the availability of relatively lower priced land, good population catchments and better accessibility (improved infrastructure), the focus moved towards the south of island, for example, along and off the Jelutong Expressway, Sungai Nibong, Bayan Lepas Expressway, and Bukit Jambul areas,” he said.

Ong said the demand for “mini superb condos” was expected to be encouraging given the sizeable young population in Penang and the higher household formation rate compared with the population growth.

“Affordability is today supported by low interest rates and the innovative easy payment schemes provided by developers.

“Investment interest in real estate is high given that alternative investments are less attractive today.

“Since the island has limited suitable land for development, most investors and house buyers are confident in the longer-term growth potential of such value-added residential properties,” he added.

Scheduled for launch by year-end are 568 mini superb condos by IJM Land Bhd’s The Light project, comprising The Light Linear, The Light Point, and The Light Collections schemes, located on a 16.8-ha freehold site off the Jelutong Expressway.

IJM managing director Datuk Soam Heng Choon said The Light would offer unique themes and facilities normally found in super-condo projects.

“The Light Linear project comes with fibre optic ICT infrastructure and a comprehensive range of home automation and recreational facilities, including a putting green.

“The unique features are the green concept and water features in all the properties,” he added.

The Light Linear units have built-up areas of 1,475 and 1,561 sq ft and are priced from RM522,000, or about RM354 per sq ft.

The Light Point and The Light Collection residences offer bigger built-up areas ranging from 1,371 to 4,090 sq ft.

“Their pricing starts from slightly below RM1mil, which is still lower than the price of normal super-condo units,” Soam said.

Another Penang-based developer, Tropical Hill Property Sdn Bhd, is scheduled to launch its mini superb condo project late this year.

The 22-storey Pavilion Tower on a 1-ha site in Teluk Kumbar comprises a block of 99 units with built-up areas of between 1,600 and 5,000 sq ft.

Tropical Hill Property managing director Datuk Loh Geok Beng said the units would be priced at about RM300 per sq ft.

“The low-density project, located close to the Penang International Airport and the Penang Bridge, is equipped with full recreational facilities including a swimming pool and community hall that can accommodate 500 people,” he said.

nazrey

July 9th, 2009, 11:21 AM

nazrey

July 11th, 2009, 06:39 AM

Developers keen to resume launches
By SHANNEN WONG
11 Jul 2009

HIGH-end property developers are expected to resume their project launches in the coming months aided by strong take-up in the first half of the year and more positive outlook in the economic front.

At least two luxurious residences in Kuala Lumpur and five high-end residential projects in Penang will be unveiled soon. (See table)

“Given the warm response for some of the recent project launches, we understand more developers are planning to launch their high-end properties in Kuala Lumpur and Penang in second half of the year,” says HwangDBS Vickers Research analyst Yee Mei Hui.

Developers are now more confident about resuming launches than focusing on clearing inventories previously.

“We believe that the good response from the properties buyers is an indication that demand for high-end has started to return,” says Yee.

She says while there would be a large incoming supply of high-end condominiums, especially around the KLCC and Mont’ Kiara areas, over the next two years, these new launches generally have lower entry prices due to smaller built-ups and the availability of attractive housing loan packages, says Yee.

“These new launches offer attractive financing schemes such as low down-payments and minimal cash outflow up to two years until the property’s delivery,” she adds.

DNP Bhd will be launching Verticas Residensi condominiums in Bukit Ceylon in Kuala Lumpur priced at RM970 per sq ft.

There will also be the release of 163 high-end serviced apartments for RM1,300 to RM1,400 psf for semi-furnished completed units by the previous en-bloc buyer of Pavilion Residences Tower A.

In Penang, Eastern & Oriental Bhd (E&O) is expected to launch its Seri Tanjung Pinang high-end linked houses, serviced apartments and condominiums these few months.

“We understand E&O is looking to launch its Seri Tanjung Pinang high-end condominiums in September to October at RM600 to RM700 psf,” says Yee.

“It is also planning to launch the second block of the St Mary high-end serviced apartments at RM1,200 psf via international road shows starting in September,” she says.

When contacted by StarBizWeek, an official from E&O says the company will be making announcements on the official launches of its St Mary project within the next few weeks.

IJM Land Bhd will also be launching two of its projects in Penang, namely the Light Linear upper-mid condominiums located near the Jelutong Expressway, and Light Point high-end condominiums later this month and in October respectively.

E&O’s maiden launch of 169 units of St Mary residences in June, the first high-end launch since the fourth quarter of last year, saw a strong 80% take-up rate after a recent five-day preview.

“The sales were above the market’s expectations,” says Yee, noting that buyers were predominantly locals who bought mainly for investment purposes.

Located within the golden triangle district in KL, St Mary Residences were sold at an average price of RM900 psf.

Sky Residences

SP Setia Bhd will be launching its first luxury high-rise residential project, Sky Residences on Jalan Tun Razak, tomorrow.

The sale preview of SP Setia Sky Residences Tower B kicked off last September but were only opened for sale in January this year, in conjunction with the launch of its 5/95 home loan package.

“Close to 95% of our units in Tower B have been taken up. We are now previewing Tower A and will officially open it for sale tomorrow,” says president and chief executive officer Tan Sri Liew Kee Sin.

“This will be the group’s final official launch before the end of the 5/95 programme,” he says.

Given the strong bookings it has on hands, Liew says SP Setia is unlikely to extend its incentive schemes beyond this month.

“We will stop launching any more new products for a few months and concentrate on delivering what had already been sold,” he says.

SP Setia, the largest developer by market capitalisation and sales, has been offering 5/95 home loan package and no interest payments during construction since January to give a boost to the company’s sales.

As of 30 June, SP Setia sales touched RM1.04bil, close to its full-year target of RM1.1bil for financial year ending Oct 31, 2009.

SP Setia has cash reserves of RM551mil and a net gearing of 0.23 times.

Sunrise bookings

Niche high-end developer Sunrise Bhd is among the developers who have benefited from the introduction of attractive incentive schemes.

“Our new bookings have soared to over RM242mil for Mont’ Kiara 11 condominiums and Residence bungalows from our promotion for both projects from March to June this year,” says an official of the company.

Mont’ Kiara 11 residences and the Residence bungalows are priced at an average selling price of RM850 psf and from RM5mil each respectively.

Following the introduction of the 10/90 financing schemes and zero payment up to two years of delivery promotion, Sunrise’s bookings have picked up since mid-March.

In fact, the collective sales for both projects within the first month of promotion have been catching up on its cumulative sales of RM247mil for the first nine months.

Yee of HwangDBS says about 47% of the company’s RM965mil unbilled sales (excluding the new bookings of RM242mil) will deplete by this year-end with the completion of Mont’ Kiara 10 and Solaris Dutamas.

“Sunrise needs to launch new projects in order to replenish its unbilled sales,” she says.

In response to this, the company’s spokesperson says, “It’s too premature to say when we will have our next launch. We are watching the economy right now.”

“Nonetheless, we have comfortable gearing, ample landbank and a pipeline of new projects to be launched, depending on market conditions.”

Sunrise, the largest prime landowner in Mont’ Kiara, is expected to launch its RM732mil Mont’ Kiara 28 condominiums with selling price of RM670 psf in early 2010.

Other launches in the pipeline are its Mont’ Kiara 20 mixed development and Lot 121 Solaris Office Tower. The former has a gross development (GDV) of RM767mil while the latter has a GDV of RM455mil. Both projects has an average selling price of RM700 psf.

Meanwhile, Sunrise will also have RM336mil of completed properties available for sale, which will underpin its earnings until end-2011, says Yee.

On the outlook for the company, the spokesperson says, “The outlook ahead will remain challenging. Much will depend on the strength of the recovery. But the worst is behind us.”

He says the low interest rates and the lack of new launches over the past year as well as the expectation of rising inflation will underpin property demand in the near future.

Legenda@Southbay

Mah Sing Group Bhd managing director and group chief executive Tan Sri Leong Hoy Kum says the company hopes to bring forward the soft launch of its Legenda@Southbay in Penang to the second half of this year.

“We have not held back any launches due to the strong take-up for our products. In fact, we may bring forward some launches,” he says.

The group plans a soft launch of the first 15 units of its Legenda@ Southbay bungalows with some GDV of RM30mil sometime in the second half. The whole project consists of 76 units with total GDV of RM284mil.

“We are looking to bring forward the launches of our Legenda@Southbay due to the overwhelming response for our three-storey super link project Residence@Southbay,” he says.

To date, Mah Sing has sold about 89% of its launched units in Residence@Southbay. Since its launch in May, it registered cumulative sales of 177 units valued at RM149.15mil.

“We have exceeded our 2009 sales target for this project by 60%, and this boosted our confidence that the market in Penang is receptive to our product concept and value proposition,” says Leong.

For the first half, Mah Sing launched seven property projects worth RM315mil, meeting 80% of the company’s full-year launch target of RM394mil.

Leong says the company has achieved approximately 70% of its full-year sales target of RM453mil within the first half of the year.

nazrey

July 20th, 2009, 07:40 PM

Location:

http://www.picamatic.com/show/2009/07/20/09/26/4513307_1024x768.JPG

nazrey

July 22nd, 2009, 04:38 AM

Penang group secures RM2bil in building material contracts
Wednesday July 22, 2009
By DAVID TAN

GEORGE TOWN: Over RM2bil worth of contracts to supply building materials have been secured by about half of the Penang Master Builders and Building Materials Dealers Association’s (PMBBMDA) 117 members so far this year.

President Finn Choong said the materials included essential building blocks such as steel, cement and other aggregates for residential projects in Penang.

“These contracts do not include materials for interior decoration. They only involve PMBBMDA members,” Choong told StarBiz.

Works on the second Penang bridge did not require raw materials from its members at the moment, he said.

He added that the bridge will require supplies from our members when the piling and concrete works begin.

“The contracts to supply materials such as steel, cement, crusher run and premixed bitumen (for the bridge) should be worth a further RM1bil.”

Meanwhile, PMBBMDA secretary Ong Soo Yong said the forthcoming commercial and residential projects, such as the First Avenue Shopping Mall, Cititel Express and IJM’s The Light Linear, should generate demand for interior finishing products from local building material suppliers.

“The Kuala Lumpur-based developers in Penang tend to source essential building blocks from suppliers in Kuala Lumpur and not from our members.

“For such projects, our members can look forward to supplying interior finishings,” he said.

nazri

July 28th, 2009, 08:00 AM

http://biz.thestar.com.my/archives/2008/11/10/business/b_p12TheLight.jpg

An artist’s impression of The Light

by stardex
http://www.flickr.com/photos/stardex/3760196560/

http://www.picamatic.com/show/2009/07/28/09/51/4615268_497x368.JPG

lanzoy

July 28th, 2009, 09:20 AM

nice post dude...

simulation de credit
rachat simulateur (http://simulationrachatcredit.com) - vous n’avez à aller très
loin pour une simulation de rachat de crédit

nazri

July 28th, 2009, 10:09 AM

by stardex
http://www.flickr.com/photos/stardex/3760196560/

http://www.picamatic.com/show/2009/07/28/09/51/4615268_497x368.JPG

http://www.thelightwaterfront.com/images/The%20Location/site-excellence-enlarge.gif

nazrey

August 2nd, 2009, 06:06 AM

http://biz.thestar.com.my/archives/2009/5/6/business/p4-Thelight.JPG

Progressing:

by @Dmateur

http://farm4.static.flickr.com/3052/2600276773_fc5ef28889_b.jpg

The old pic show the island and the mainland Peninsula Malaysia
by Clifford JY Loh

http://img43.imageshack.us/img43/4370/13755159.jpg

nazrey

August 6th, 2009, 09:03 AM

IJM Land may raise LIGHT properties’ selling prices
Written by Financial Daily
Thursday, 06 August 2009 12:48

IJM Land Bhd may raise selling prices for PROPERTIES under its RM6.5 billion “LIGHT Waterfront Penang” mixed development against a backdrop of improving consumer sentiment as the job market improves in the island state, said RHB Research.

“This is not a surprise to us given its unique status as one of the rare waterfront developments in Malaysia as well as its strategic location.

“It is positive to the LIGHT project as strong sales recorded will boost investors’ confidence on the whole project and eventually increase the company’s bargaining power (and hence, the gross development value for the project),” it wrote in a note yesterday.

The LIGHT Waterfront Penang is located on a 60.8ha site near the Penang Bridge within the eastern coastline enclave of Penang island. According to IJM Land’s website, the project comprises three phases which include residential and office units, besides retail and hotel components.

Phase one, an entirely-residential initiative comprises “The Light Linear”, “The Light Point” and “The Light Collection”.

According to RHB, by virtue of the strong sales seen in The Light Linear, IJM Land may increase the initial selling price for The Light Point condominiums by up to 20% to some RM600 per sq ft from RM500 per sq ft. These high-rise units have built-up areas of between 1,800 sq ft and 4,000 sq ft.

“However, we reckon that the selling price could potentially hit RM700 per sq ft given that E&O Property Development Bhd’s Seri Tanjung Pinang serviced suites are currently selling at about RM780 per sq ft ,” said RHB which kept its earnings estimates for IJM Land in financial years ending March 2010 till 2012, pending further details on the final selling price for properties under the project.

The research house’s fair value of RM2.10, and outperform rating for the stock were also unchanged.

IJM Land shares fell three sen to close at RM1.68 yesterday.

nazrey

August 9th, 2009, 11:12 PM

THE LIGHT Potential
Official Website (http://www.thelightwaterfront.com/)
UP HIGH, LOOKING DOWN ON AN AERIAL PANORAMA OF LIGHTS OVER SOUTH EAST ASIA, PENANG STANDS OUT AS A LIGHT-ENCRUSTED DESTINATION.

Equally luminous in light density are the cities of Bangkok, Hong Kong, Kuala Lumpur, Jakarta and Manila.

These lights represent the density of urban activity, population and habitats. They identify urban cities of South-East Asia and their marketplaces.

These lights are the centres of wealth, business, culture, education and trade. It is here that urban dynamism pulsates and economic activity is unstoppable : with trade in commodities, manufactured goods, hospitality, services, entertainment finding their ultimate patrons and purchasers.

For THE LIGHT Waterfront Penang, this means that the potential to tap on a regional catchment of urbanites willing to subscribe to the lifestyle that our world-class landmark can offer, is one that is hugely promising.

KalisPeter

August 10th, 2009, 07:04 AM

George Town, the capital (if there is such a thing) of the State of Penang, Malaysia, was granted city status in 1957 by Queen Elizabeth II. When the two municipalities, the City Council of George Town and the Rural District Council were amalgamated into the Penang Island Municipal Council, what happened - no more city status, no more mayor, perhaps no more George Town even? But this is the best project for Penang.

nazrey

August 10th, 2009, 07:54 AM

what happened - no more city status, no more mayor, perhaps no more George Town even? But this is the best project for Penang.

What are you talking about????
>> http://www.skyscrapercity.com/showthread.php?t=511881

built_in_me

August 11th, 2009, 08:39 AM

what is that ___________ crapping and blabbering about....haha..... get some good sleep....

nazrey

August 11th, 2009, 08:48 AM

...

nazrey

August 25th, 2009, 10:15 PM

IJM Land to launch properties worth RM1bil
Tuesday August 25, 2009

PETALING JAYA: IJM Land Bhd, the listed subsidiary of construction firm IJM Corp Bhd, plans to launch over RM1bil worth of properties in the financial year ending March 31, 2010 (FY10).

So far, according to managing director Datuk Soam Heng Choon, major launches include The Light Linear in Penang with a gross development value (GDV) of RM200mil, Nusa Duta in Johor with a GDV of RM78mil and existing phases of Seremban 2 with a GDV of RM32mil.

He said the company would launch more than 20 projects in FY10. Last year the company launched RM600mil worth of properties.

eanwhile, IJM Land chairman Datuk Krishnan Tan said recent launches especially in Penang had been very well received by the market. “We’re looking forward to better times in line with market sentiments,” he told reporters after the company AGM yesterday.

However, Tan cautioned that these launches, which would involve the company’s existing and new projects throughout the country, would very much depend on economic conditions. “The realistic approach is to see how fast you can run in the time given and at the same time have a clear view of the horizon,” he said on how the company would weather another economic contraction.

Tan said the major obstacle was if consumer sentiment fell should the jobless rate in the country rise on a less rosy economic outlook. “Let’s hope there’s no double dip,” he said referring to the country’s economic performance.

Tan said conditions going forward were bright with ample liquidity and lower interest rates while expectations of increasing property costs brought on by higher building material and land prices would also spur the market.

On overseas projects, he said IJM Land would spearhead future projects of the group. Tan, who is also chief executive officer and managing director of IJM Corp, said over time IJM Land will take over projects now under the IJM Corp umbrella.

He said there were plans to revive Talam Corp Bhd’s Changchun, China mixed development project, in which IJM Land has a 50% interest, with a launch slated for next year. The project is located in China’s automotive city and has an estimated GDV of RM500mil.

IJM Corp has a 25% stake in Kumpulan Europlus Bhd, the holding company of Talam. Tan said IJM Land was still scouting suitable sites for a project in Vietnam with Ho Chi Minh City as the most viable location.

He said the company had an undeveloped landbank of 5,300 acres with a potential GDV of RM18bil over a 15-year period.

langweishan

August 30th, 2009, 09:34 AM

Thankiossk Cool!Thankiossk Cool!

nazrey

August 31st, 2009, 10:22 PM

The Light Collection 1

http://img514.imageshack.us/img514/3484/thelightcollection1go4.jpg

The Light Collection 2

http://img514.imageshack.us/img514/8476/thelightcollection2em8.jpg

The Light Collection 3

http://img388.imageshack.us/img388/8430/thelightcollection3mf4.jpg

The Light Collection 4

http://img150.imageshack.us/img150/32/thelightcollection4jp1.jpg

PHASE ONE
RESIDENTIAL
• THE LIGHT LINEAR
• THE LIGHT POINT
• THE LIGHT COLLECTION

http://www.thelightwaterfront.com/images/The%20Light/masterplan.jpg

nazrey

September 6th, 2009, 07:40 PM

http://biz.thestar.com.my/archives/2009/5/6/business/p4-Thelight.JPG

Progressing:
From google

http://www.picamatic.com/show/2009/09/06/07/35/4985246_604x403.jpg

nazrey

September 7th, 2009, 06:47 PM

PHASE ONE

http://biz.thestar.com.my/archives/2009/5/6/business/p4-Thelight.JPG

RESIDENTIAL
• THE LIGHT LINEAR
• THE LIGHT POINT
• THE LIGHT COLLECTION

http://www.thelightwaterfront.com/images/The%20Light/masterplan.jpg

PHASE I | RESIDENTIAL
http://www.thelightwaterfront.com/

THE LIGHT exclusive residences are made up of six parcels of high-end waterfront residential development. These 1177 units of residences will emcompass:

http://www.thelightwaterfront.com/PhaseI/images/map.jpg

nazrey

September 10th, 2009, 09:19 PM

Clear signs of recovery in property: HwangDBS
Published: 2009/09/10

HwangDBS Vickers Research Sdn Bhd said there are clear signs of recovery in the property sector extending to the high-end luxury segment.

These are seen in the take-up rate for The Binjai on the Park condominium project at the Kuala Lumpur City Centre, which has picked up from 10 per cent in July 2009 to 35 per cent out of its 171 units.

"Compared with the initial launch in August last year that coincided with the onset of the global financial meltdown, the average sale price (of The Binjai) has been reduced from RM2,800 per sq ft to RM2,400 per sq ft for units measuring 3,200-3,700 sq ft, while the smaller units (2,200 sq ft) were released at RM1,700 per sq ft," HwangDBS Vickers said in a report yesterday.

However, the average sale price of The Binjai is set to rise after its take-up rate exceeds 40 per cent. The project is expected to be handed over by December this year.

"This is positive for (property) developers with ready-to-launch products to capitalise on this early recovery," said HwangDBS Vickers, naming DNP Holdings Bhd, Eastern & Oriental Bhd (E&O) and SP Setia Bhd as its top stock picks.

In a separate report dated September 4, HwangDBS Vickers also revealed that the Penang property market is heating up.

"Recent launches were well received with new price benchmarks being set - catching up closely to Kuala Lumpur's," it said.

These included E&O's Seri Tanjung Pinang link houses, SP Setia's Reflections condominiums at Setia Pearl Island and IJM Land Bhd's Light Linear condominiums.

"Developers are also looking to gradually pull-back incentives and raise selling prices. Buyers are mainly locals and Penangnites working outstation or overseas," it added.

HwangDBS Vickers said despite the current financial crisis, land prices in Penang have remained "sticky" and huge contiguous parcels are hard to come by.

"Therefore, developers with large prime landbank will hold an upper hand in riding on the strong demand for Penang properties," it said.

E&O is the largest landowner on Penang Island with a total of 1,123 acres, including reclamation rights to 740-acres Seri Tanjung Pinang Phase 2 and 365 acres at Gertak Sanggul.

nazrey

September 12th, 2009, 02:31 PM

KL builders upbeat on Penang property market
By DAVID TAN | Sep 12, 2009

GEORGE TOWN: Kuala Lumpur-based developers expect Penang’s property market to further improve next year, with their projects in the state to contribute significantly to revenues.

IJM Land Bhd managing director Datuk Soam Heng Choon said although the country was technically in a recession, “the worst is over.”

“We are now in the initial stages of a recovery, as there are signs of improvement.

“The contributions from Penang will be important, forming more than a third of the group’s revenue for the 2010 fiscal year,” he said.

IJM Land’s new launches in Penang include the RM108mil mixed development maritime project, The Light (comprising The Light Linear, The Light Point and The Light Collections schemes) located on a 16.8ha freehold site off the Jelutong Expressway.

Next fiscal year, the contribution from Penang should be more than a third of the group’s revenue, Soam said, adding that the remainder should come from its projects in the Klang Valley.

For the first quarter ended June 30, IJM’s Penang projects contributed about 25% to 30% of the group’s revenue of RM284mil.

“The key drivers of property growth for 2010 should still be low interest rates, stability in employment, and demand from a younger generation who still require housing,” Soam told StarBizWeek after the Star Property Fair Roundtable discussion recently.

The other panellists were state executive councillor Chow Kon Yeow, Finance Ministry’s valuation and property services department director Lau Wai Seang, Eupe Corp Bhd managing director Beh Huck Lee, SP Setia Bhd general manager (North) S. Rajoo, Real Estate Housing and Developers’ Association Penang chairman Datuk Jerry Chan, Henry Butcher (Malaysia) Penang director Dr Teoh Poh Huat, Socio-Economic & Environmental Research Institute research fellow Dr Goh Ban Lee and Blossom Time director Kan Weng Hin.

Rajoo said SP Setia was also positive about next year’s property market.

“Our projects in Penang should bring in RM200mil next year. So far this year, the contribution from Penang’s projects is about RM170mil.

“We should be able to do about RM180mil by Oct 31, when our fiscal year closes,” he said.

In FY08, SP Setia’s projects in Penang contributed about RM130mil to its RM1.4bil revenue, with the balance coming from its Klang Valley and Johor Baru projects.

Chadoh25

September 14th, 2009, 03:01 AM

Niiiiiice!

nazrey

October 7th, 2009, 03:06 AM

The Greening Mission
A BIRD'S EYE VIEW OF TURTLE-SHAPED PENANG ISLAND REVEALS THE CONTRASTING BEAUTY OF PENANG'S ECO-BIODIVERSITY.

Along the north coastline, palm-fringed, white sand beaches prevail. In the island's centre, forested areas contain natural lakes waterfalls, age-old trees, rare tropical plants and shrubs.

THE LIGHT will respect these indigenious environmental elements which have contributed in no small part to the Penang essence or Penang air which locals and foreign visitors love, seek and enjoy.

Along the eastern coastline where our project, THE LIGHT, is located, the land is swampy. New trees will be planted and ample greenery will be integrated into the design to create green zones enhancing part of the entire experience of visiting this site.

This initiative is in line with IJM Corporation Berhad's commitment towards greening the environment.

nazrey

October 17th, 2009, 12:10 AM

UPDATE:

http://farm4.static.flickr.com/3505/4015915182_27281062a8_o.jpg

nazrey

November 4th, 2009, 05:09 PM

http://lh3.ggpht.com/_lk4hR8_XjC4/SGtleBUD8II/AAAAAAAAAgo/6RTe6D48BQc/The+Light+Waterfront.jpg

The new commercial area (NEW RENDERING)
taken from
www.surbana.com

http://www.picamatic.com/show/2009/11/02/10/59/5737733_909x476.JPG

http://www.picamatic.com/show/2009/11/02/11/00/5737739_600x456.JPG

http://www.picamatic.com/show/2009/11/02/11/00/5737740_601x459.JPG

http://www.picamatic.com/show/2009/11/02/11/00/5737741_601x462.JPG

nazrey

November 12th, 2009, 01:13 PM

www.surbana.com

http://farm3.static.flickr.com/2704/4067478128_2931190813_o.jpg

http://farm3.static.flickr.com/2471/4066741423_c8b7358abb_o.jpg

nazrey

November 18th, 2009, 06:26 AM

The new commercial area (NEW RENDERING)
taken from
www.surbana.com

http://www.picamatic.com/show/2009/11/02/10/59/5737733_909x476.JPG

http://www.picamatic.com/show/2009/11/02/11/00/5737739_600x456.JPG

http://www.picamatic.com/show/2009/11/02/11/00/5737740_601x459.JPG

http://www.picamatic.com/show/2009/11/02/11/00/5737741_601x462.JPG

Phase II
From Malaysian forum

http://farm3.static.flickr.com/2770/4067474582_584ca161b6_o.jpg

http://farm4.static.flickr.com/3533/4067476414_bbb971647c_o.jpg

http://farm3.static.flickr.com/2800/4067475420_6f74b508d4_o.jpg

http://farm3.static.flickr.com/2661/4067478528_0ecf0985d5_o.jpg

Blue_Sky

November 22nd, 2009, 09:00 AM

Wow this in is a cool project

nazrey

December 7th, 2009, 08:23 PM

Developers still drawn to Penang's allure
By Marina Emmanuel Published: 2009/12/08

Penang remains a property hotspot with developers from both the island and the Klang Valley, with the number of new projects increasing in the third quarter of this year.

Despite fears of a property bubble, notably in the condominium market, developers appear to be forging ahead with new and innovative launches on the island where foreign buyers are making a beeline for homes with a commanding view of the sea or hills.

The new developments are scattered across the island and players include Eastern and Oriental Bhd (E&O), IJM Land Bhd, SP Setia Bhd, Mah Sing Group Bhd and the Penang-based Ivory Properties Group and MTT Properties and Development.

These players have not only been marketing their projects to Malaysians but also in neighbouring countries and farther away, like South Korea and Great Britain.

In a report titled "Pounding the Pavement in Penang" on November 5, CIMB expressed optimism over the outlook for landed residential property on the island, and even seafronting condominiums.

"We believe residential property prices in Penang have appreciated strongly in recent years due to some short- to medium-term supply constraints and the influx of Klang Valley developers.

"The high quality and exciting property products offered by these aggressive developers will not only attract upgraders from Penang but also buyers of holiday homes from Kuala Lumpur, Singapore and Hong Kong," the research firm said.

If seafront condominiums on reclaimed land look to be the prime beneficiaries of robust demand, then IJM Land and E&O are set to do well with their projects.

"We feel that the property market in Penang is still resilient as prices are lower when benchmarked against those for integrated developments in cities like Kuala Lumpur, Singapore and Bangkok," IJM Land managing director Datuk Soam Heng Choon said.

"Also, the base lending rate is still low and some cash-rich investors are switching from the stock market to property."

IJM Land's "The Light" waterfront project on reclaimed land along the Jelutong Expressway is an ambitious development set to raise the bar for property prices in the state.

Phase 1, which sprawls over 16ha, comprises residential units and is expected to take six years to complete. The second phase will encompass 41.2ha and take 15 years to be developed.

The gross development value of both phases is reported to be RM5.5 billion.

"We are still optimistic about demand owing to the fact that 'The Light' is the only integrated waterfront development in Penang with iconic landmark buildings such as an information technology hub, promenade mall, seafront boardwalk, convention and exhibition centre, boutique hotel and marina club," Soam said.

"For E&O, based on the positive take-up of our earlier properties and the registered interest in our upcoming launches, prospects of the property market in Penang are highly encouraging," its executive director Eric Chan Kok Leong said.

From the time the company launched its first batch of terraced homes at its seafront reclaimed land till now, E&O has been seeing strong take-up for its "Seri Tanjung Pinang" offerings, he added.

Located about 15 minutes from George Town, the mixed residential and commercial project features two phases over a development period of between 15 years and 20 years.

Seri Tanjung Pinang's Ariza Seafront Terraces and Serviced Residences achieved at least 80 per cent take-up within a few weeks of their soft launch, its developer said.

"In fact, all 33 units of the Ariza Seafront Terraces were sold within a mere three hours of launch.

"What's more, a balloting system had to be put in place for the four units with direct sea frontage," Chan added.

On the southwestern tip of the island, SP Setia's maiden and flagship project in Penang is the 45.2ha "Setia Pearl Island".

The former golf course land has been substantially developed and SP Setia has sold an estimated RM500 million worth of properties since the initial launch two to three years ago.

"As a keen proponent of sustainable development, two of our upcoming projects have been earmarked to be Green Building Index-compliant," its director of property division (north) S. Rajoo said.

They are the 0.8ha "Brook Residences" high-end bungalow development adjacent to the affluent Jesselton area and the "Ara Setia", a 12ha mixed development in Sungai Ara.

nazrey

December 24th, 2009, 11:59 AM

Phase I

http://biz.thestar.com.my/archives/2009/5/6/business/p4-Thelight.JPG

IJM’s The Light Point records 70% take-up
By Rosalynn Poh of theedgeproperty.com
Tuesday, 22 December 2009 11:57

KUALA LUMPUR: IJM Land Bhd’s The Light Point, its second luxury condominium project at the iconic waterfront development The Light in Penang has achieved 70% sales. More than 100 interested buyers participated in the balloting session for the project’s 88 units last Saturday Dec 19, 2009.
Situated just off the Penang Bridge on the island’s eastern coastline, The Light has a gross development value of RM5 billion.

IJM Land’s managing director Datuk Soam Heng Choon told theedgeproperty.com the average price for The Light Point units was RM620 psf.

“Buyers were mainly from Penang and we had some from Kuala Lumpur as well. There are mostly Bumiputera units left. The Light Point offers exclusivity, low density, three car parks per unit and many other attractive features,” he said.

The Light Point consists of 88 condominium units with built-ups from 1,830 to 4,090 sq ft. housed in a 28-storey tower with only four units to a floor.

IJM Land previously launched The Light Linear comprising two blocks of 17-storey condominiums with a total of 328 units, two car parks per unit at an average price of RM420 psf. Soam said The Light Linear is fully sold except for some of its bumiputra units.

The Light will be developed over three phases - the first phase consists of three residential projects - The Light Linear, The Light Point and The Light Collection. Phase two comprises a mixed development including a hotel, corporate park, office towers and business hotel, fashion mall and waterfront dining and entertainment district. Its third phase, according to the master plan, is a sea front park.

The whole waterfront project spans a total of 152-acres and is to be developed over the next 12 to 15 years via Jelutong Development Sdn Bhd, a subsidiary of IJM Properties Sdn Bhd.

The next launch for The Light would be The Light Collection I & II which is expected to be in 2Q2010.

built_in_me

January 17th, 2010, 12:19 PM

prefer the older design..esp the 2 iconic towers

nazrey

January 21st, 2010, 07:51 PM

The Light to brighten IJM sales prospects
By Marina EmmanuelPublished: 2010/01/20

PROPERTY developer IJM Land Bhd (5215) remains optimistic over demand for its Penang projects this year, as it continues to unveil new offerings within its "The Light" waterfront project on the island.

"The fact that our site is protected from tsunamis is yet another advantage," said its managing director Datuk Soam Heng Choon.

Several parts of Malaysia, including the islands of Penang and Langkawi, were hit by tidal waves, resulting from of an earthquake near Sumatra, Indonesia, in December 2004.

Soam said iconic landmarks such as a digital hub, boutique hotel and a convention centre will set The Light apart from other waterfront developments on the island.

The Light, which is a RM5.5 billion mixed development project, is being carried out on reclaimed land north of the Penang Bridge.

Phase 1, which sprawls over 16ha, comprises residential units and is expected to take six years to complete.

One component of this phase, which will set IJM apart from its competitors, is the 19 units of seafront designer bungalows tagged at RM15 million each.

The units are due to be launched by the end of next year.

The second phase encompasses 41.2ha and will take 15 years to be developed.

The project's The Light Linear condominiums, which were soft-launched in July last year, saw non-Bumiputera units sold out within the day.

"As for The Light Point luxury condos, which are due to be completed by December next year, about 65 per cent of the units have been sold since its soft launch last month," said Soam.

The Light Linear units, which are priced between RM522,000 and RM730,000, have been snapped up mostly by local buyers, he added.

"We are planning for overseas roadshows in Beijing, Shanghai, the Middle East and Singapore this year, and these will (focus) mainly on the second phase of The Light where we plan to target potential investors and en-bloc buyers."

Greg

January 28th, 2010, 09:59 AM

http://farm5.static.flickr.com/4003/4308279483_90b13b2cc3_o.jpg

nazrey

February 1st, 2010, 04:20 PM

IJM project aims to rival other landmarks
By Marina EmmanuelPublished: 2010/02/01

IJM Land Bhd (5215), which serves as the property arm of IJM Corp Bhd, was the result of merging IJM Properties Sdn Bhd with RB Land Holdings Bhd.

As part of its greening mission with "The Light" waterfront project, IJM Corp seeks to tap the indigenous environmental elements which have contributed to the Penang essence, or Penang air, which the locals and foreign visitors love, seek and enjoy.

For The Light project, new trees will be planted and ample greenery integrated to create green zones that will enhance a visit to the site.

The RM5.5 billion project, to be developed over the next 12 to 15 years, has been designed to rival landmarks such as Canary Wharf in London, the UK; Docklands in Melbourne, Australia; and Queens Quay in Toronto, Canada.
The developer has appointed six Malaysian architectural firms to design the residential components in the first phase. The project will be developed over three phases.

Among the eco-friendly initiatives that will reportedly be carried out by IJM in developing The Light is the harvesting of coral reefs in the waterways that will be built around the residential units.

Apart from ensuring a healthier marine life, the coral reefs will add aesthetic appeal to the development, notably at night, when they will be lit with a soft underwater glow.

The underwater glow, to be powered by wind generators, is expected to give residents a view of what is underwater from the balconies or windows of the units.

nazrey

February 3rd, 2010, 08:35 PM

Green plans for IJM's The Light
By Marina EmmanuelPublished: 2010/02/01

Property developer IJM Land is putting about 5 per cent of the construction costs of the Penang waterfront project into green-related technologies

Property developer IJM Land Bhd's (5215) efforts in turning "The Light" waterfront project into Penang's first green development, will see the company putting about 5 per cent of its construction costs into green-related technologies.

Its managing director Datuk Soam Heng Choon said the company is fine-tuning basic design or passive design to cut its reliance on high-technology products for IJM Land's flagship waterfront development in Penang, which carries a development value of RM5.5 billion.

Among others, emphasis will be placed on tapping into natural lighting and cross-ventilation of buildings.

"Our first approach is to reduce materials usage for the project, rather than specifically source for recycled materials," he told Business Times.
Referring to the use of optic cables as an example, Soam said a single core of fibre optics would tremendously reduce a lot of copper cables and yet provide better quality of service to the occupants.

"However we are still sourcing for appropriate sustainable recycled materials for this project, where possible," he said.

Among the few green construction materials identified by IJM Land so far include recycled pavers and composite timber.

The Light, which serves as IJM Land's crown jewel, spans 60.8ha of reclaimed land along the eastern coastline of Penang island. The project stretches from the Penang Bridge to the city centre.

IJM Land is the property arm of IJM Corp Bhd, and is the result of a merger of IJM Properties Sdn Bhd and RB Land Holdings Bhd.

Phase one of The Light is a 16.8ha residential precinct which includes The Light Linear and The Light Point condominiums.

Both The Light Linear and Light Point will be built according to green standards.

Soam said IJM Land, which is working towards complying with Malaysia's Green Building Index (GBI) certification, said rainwater harvesting would be incorporated to reduce water consumption for landscape purposes.

"We also plan to provide a dedicated space for the recycling of household waste for all residents of The Light.

"Educational talks on recycling will be conducted regularly for residents and proceeds from the recycling programme can be donated to charitable organisations," he said.

Apart from using energy-saving lights and air-conditioners with built-in invertor technology in every unit in The Light, Soam said that a centralised vacumn system would be fitted in all units of The Light Point and The Light Collections to reduce the amount of airborne particles that might be reintroduced into the habitable space.

On the advantages of having these green-technology items installed in each unit, Soam said that the inverter air-conditioner, for instance, could help the user lower the power consumed by 60 per cent.

nazrey

February 3rd, 2010, 08:37 PM

THE LIGHT (PHASE 2)

THE LIGHT (PHASE 2)

http://farm5.static.flickr.com/4048/4289275369_f0be0d99e6_b.jpg

nazrey

February 3rd, 2010, 08:54 PM

IJM’s The Light to launch second luxury condominium in Penang
By Rosalynn Poh of theedgeproperty.com

KUALA LUMPUR: IJM Land Bhd’s iconic waterfront project in Penang, known as The Light, will be launching its second luxury condominium within its first phase, The Light Point (picture), this Saturday (Dec 19). The Light, with a gross development value of RM5 billion, is situated just off the Penang Bridge on the island’s eastern coastline.

According to its website, there are at least three phases planned for The Light -- the first phase consisting of three residential projects called The Light Linear, The Light Point and The Light Collection, phase two comprises a mixed development including a hotel, corporate park, office towers and business hotel, fashion mall and waterfront dining and entertainment district. Its third phase, according to the master plan, is a sea front park.

IJM Land’s managing director Datuk Soam Heng Choon told theedgeproperty.com that The Light Linear condominium, also part of the first phase of The Light, was launched in July. “All non-bumiputra units for The Light Linear have been sold since our launch. There is a lot of interest for The Light Point, which we are launching this weekend,” he said. Soam said the average price of The Light Point is RM600 psf.

The Light Point will be made up of 88-units of condominiums with built-ups from 1,830 to 4,090 sq ft. As reported in The Edge’s City & Country on March 30, 2009, The Light Point will consist of a 28-storey luxury condominium block, with only four units to a floor. The Light Linear, on the other hand, comprises two blocks of 17-storey condominiums with 328 units.

The whole waterfront project spans a total of 152-acres and will be developed over the next 12 to 15 years via Jelutong Development Sdn Bhd, a subsidiary of IJM Properties Sdn Bhd.

nazrey

February 24th, 2010, 07:51 PM

Phase I

http://biz.thestar.com.my/archives/2009/5/6/business/p4-Thelight.JPG

UPDATE:
The Light Waterfront Progress:

http://farm3.static.flickr.com/2682/4381534617_3ee2222627_b.jpg

http://farm3.static.flickr.com/2701/4381535069_655ac3ede5_b.jpg

nazrey

February 25th, 2010, 05:12 AM

UPDATE:
The Light Waterfront Progress:

http://farm3.static.flickr.com/2736/4382294792_f6936863fa_b.jpg

http://farm5.static.flickr.com/4064/4381536177_740ea50b3f_b.jpg

nazrey

February 25th, 2010, 05:04 PM

UPDATE:
The Light Waterfront Progress:

http://farm3.static.flickr.com/2735/4381536665_50c3e1e541_b.jpg

http://farm5.static.flickr.com/4027/4382296430_003f260dc3_b.jpg

nazrey

February 25th, 2010, 08:36 PM

http://biz.thestar.com.my/archives/2009/5/6/business/p4-Thelight.JPG

http://farm3.static.flickr.com/2804/4386484984_db4d513081_o.jpg

right now all we can do is wait and IMAGINE.............. :nuts:

built_in_me

March 16th, 2010, 12:24 PM

it's very nice... more detailed rendering...but errrrr looks a little dense... wut do u all think....

nazrey

March 22nd, 2010, 07:46 AM

The Light Collection

The Light Collection 1

http://img514.imageshack.us/img514/3484/thelightcollection1go4.jpg

The Light Collection 3

http://img388.imageshack.us/img388/8430/thelightcollection3mf4.jpg

The Light Collection 4

http://img150.imageshack.us/img150/32/thelightcollection4jp1.jpg

http://farm5.static.flickr.com/4047/4439511199_113420121b_o.jpg

nanooo

March 22nd, 2010, 08:39 AM

thank youuu best web www.waymoney.tk and www.wowlife.tk

GreenPeas

March 22nd, 2010, 01:37 PM

^^ lovely project

preppy

March 22nd, 2010, 04:38 PM

http://farm5.static.flickr.com/4003/4308279483_90b13b2cc3_o.jpg

:angel:

nazrey

June 16th, 2010, 09:40 AM

UPDATE:
The Light

http://i237.photobucket.com/albums/ff227/jeff1983/130620104852.jpg

http://i237.photobucket.com/albums/ff227/jeff1983/130620104850.jpg

nazrey

July 25th, 2010, 12:00 PM

Phase I

http://biz.thestar.com.my/archives/2009/5/6/business/p4-Thelight.JPG

http://farm4.static.flickr.com/3562/3575810618_32ce8dd72f_o.jpg
http://www.flickr.com/photos/oisacainsg/4825213527/
http://farm5.static.flickr.com/4135/4825213527_c5a20f7680_b.jpg

nazrey

July 28th, 2010, 08:09 AM

IJM's The Light to contain world-class appeal
By Marina EmmanuelPublished: 2010/07/28
http://www.btimes.com.my/Current_News/BTIMES/articles/opera2/Article/#ixzz0uxF8PXKn

http://www.btimes.com.my/Current_News/BTIMES/articles/opera2/Article/Current_News/BTIMES/Images/btgraph10/watervilla.jpg

A PERFORMING arts centre to rival Australia's Sydney Opera House, waterfront retail promenade and an international standard marina are among the attractions property developer IJM Land Bhd will unveil when it launches the second phase of its flagship waterfront "The Light" development in Penang at the end of the year.

Its managing director Datuk Soam Heng Choon yesterday said the proposed iconic arts centre, known as "The Pearl" is expected to boost a seating capacity of 2,000 and set to be sprawled over 0.8ha.

The proposed marina, meanwhile, is expected to offer club facilities with more than 200 berths.

"Also to be found in the second phase of this commercial development would be an information technology precinct for Multimedia Super Corridor-status companies and incubator firms," he said during a media launch of the company's "The Light Collection 1" in Penang.

The Light Collection 1 project, which carries a development value of RM203 million, was soft-launched in May, and Soam said half of non-Bumiputera units which are sprawled on 2.8ha have been sold so far.

Present at the launching ceremony were IJM Land general manager (north) Toh Chin Leong and one of the company's consultant architect, Eric Tham.

The Light Collection 1 is the first of four in The Light Collection series which offers 24 units of four-storey water villas and 152 condominiums in four eight-storey blocks.

While the condominiums have built-ups of 1,371 to 1,582 sq ft, the water villas, which are touted to be the first of its kind in the country, are set to boost a built-up area of 3,132 sq ft.

The units are priced from RM823,600 to RM3.18 million.

With a gross development value of RM5.5 billion, The Light is a 60.8-ha freehold waterfront development which will be built over the next 12 to 15 years.

Soam said IJM Land intends to make The Light one of the best waterfront places to live in Malaysia.

"Living by the water," he noted, "represents the highest level of luxury for many home owners."

The entire The Light development is undertaken by IJM Land's subsidiary, Jelutong Development Sdn Bhd.

The project, which will be carried out in three phases, is being touted as the biggest and best integrated residential, shopping, dining, recreational and commercial waterfront living in the northern region.

nazrey

July 28th, 2010, 10:13 AM

The Light Collection

The Light Collection 1

http://img514.imageshack.us/img514/3484/thelightcollection1go4.jpg

IJM Land's waterfront project sees 50% take-up before launch
By Regina William of The Edge Malaysia
Wednesday, 28 July 2010 10:41

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."