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. - By Rosalynn Poh (The Edge Property)