IJM Land northern region senior general manager Datuk Toh Chin Leong said the group and Singapore-based Perennial Real Estate Holdings Ltd (PREH) had teamed up to acquire and develop the freehold waterfront project with a gross development value of RM4 billion.

“The 13.26-hectare site in Gelugor will be developed into a large-scale integrated mixed-used development. We expect the project to start next year and be completed by 2022,” he told reporters after the official joint-venture signing ceremony between IJM Land and PREH, in George Town yesterday.

Toh said the total development cost for the project was estimated to be over RM3 billion with a majority of it being up for sale.

“The development will boost Penang’s tourism and transform the state’s waterfront landscape to the forefront among investors and tourists,” he added.

Meanwhile, PREH chief executive officer Pua Seck Guan said the prime sizeable development also presents a unique opportunity to establish a one-stop retail-cum-lifestyle destination, imbued with the life and spirit of Penang’s cultural heritage.

“The joint-venture in Penang also marks our first foray into a new market, which will augment our existing business in the core markets of China and Singapore, and diversify our investment portfolio to generate sustainable returns over the longer term,” he added.

The project is described as Penang’s first mega integrated waterfront icon with retail, entertainment, recreational, residential, business, hospitality and Meetings, Incentives, Conventions and Exhibitions components.

Source: Bernama