At Mezzo, the first residential component at The Light City mixed-use development on Penang island, 40% of its 456 units of luxury seafront condominiums have been taken up since its launch in April this year. The developer is IJM Perennial Development Sdn Bhd, a joint venture between IJM Corp Bhd and Perennial Holdings Pte Ltd.

IJM Perennial Development general manager Tan Hun Beng says via email, “Buyers, predominantly locals, are attracted to the project’s location, the surrounding facilities and the waterfront living environment.”

With a gross development value of RM512 million, Mezzo offers 2- and 3-bedroom units with built-ups of 1,033 to 1,367 sq ft over two 34-storey towers on a 4.12-acre parcel. The units are priced from RM900,000 to RM1.399 million.

“Both 2- and 3-bedroom unit types were equally popular, with buyers having a choice of the Penang Bridge or George Town view. All units come with a sweeping view of the sea,” says Tan.

He notes that there are only four units per floor at the development. “Private yet pleasant at the same time, [Mezzo] is perfect for individuals who want to have their own quiet space or for families or friends who wish to purchase the units together.”

According to him, many of the buyers bought units for their own stay, although a few were buying for investment. “The buyers see the project as offering value for money, and there is the prospect of rental income and future capital appreciation.

“Response to the Home Ownership Campaign (HOC) 2021 has been encouraging and homebuyers were able to benefit from the exemptions and discounts on Mezzo,” he adds.

Mezzo offers a range of amenities, including a gymnasium, an aqua gym, a sea-fronting swimming pool, jacuzzi, yoga pavilion, landscaped garden, children’s playground, games and reading rooms, a fitness station, function rooms and an al fresco barbecue area.

Situated at the waterfront along the eastern coast of the island, the development is served by the Tun Dr Lim Chong Eu Expressway and is near the Penang Bridge, Penang International Airport, Bayan Lepas Free Industrial Zone and a ferry terminal.

According to Tan, the developer has been relying heavily on online marketing as the project’s sales gallery is closed owing to movement restrictions. “We have been engaging with and reaching out to our customers online. However, we are positive on sales in the coming months when the sales gallery reopens and restrictions are eased.”

The 32.76-acre The Light City is in Phase 2 of the RM6.5 billion The Light Waterfront Penang development, which was first launched in 2009 and comprises three phases. It will have residential, recreational, business, entertainment, retail, hospitality and commercial components.

Phase 1 comprises 42 acres of residential development in which a total of 1,177 units of high-end residential units have been completed. Phase 2 is a 103-acre mixed-use development, while Phase 3 is a 7-acre Seafront Park.

Source: TheEdgeMarkets.com