Property developer IJM Land Bhd 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." - By Marina Emmanuel (Business Times)