Waterside Residence at The Light, Penang launching soon from RM749,000

PETALING JAYA (Nov 23): IJM Land Bhd, the property development arm of IJM Corp Bhd, will launch the Waterside Residence at The Light in Penang sometime in December.

The Waterside Residence is the first residential tower of The Light Waterfront phase 2, with an estimated gross development value (GDV) of RM240 million. 

Situated on a 4.27-acre freehold site, the Waterside Residence comprises three residential blocks of 17, 25 and 33 storeys, housing 256 units with two and three bedrooms.

The condo units have built-ups ranging between 1,055 sq ft and 1,270 sq ft with prices starting from RM749,000.

With a GDV of RM6.5 billion, the 103-acre phase 2 of The Light Waterfront also features a mall with a gross retail space of 1.5 million sq ft, thematic shops, a convention centre, two hotels offering a total of 750 rooms and an office tower.

According to IJM Land’s northern region senior general manager Datuk Toh Chin Leong, each Waterside Residence unit will come with at least two parking bays. Amenities include a swimming pool, Jacuzzi, gymnasium, reading room and storage lockers.

"Our target audience are homebuyers who are looking to own a moderate-sized unit in the metropolitan area, as Waterside Residence is located opposite the proposed mall and convention centre.

"The Waterside Residence is expected to be completed by 2020," he told TheEdgeProperty.com.

Meanwhile, IJM Land managing director Edward Chong said the Waterside Residence will see a “healthy interest” among potential homebuyers, owing to its strategic location and upcoming surrounding lifestyle amenities within walking distance.

Chong added that in 2017, the developer will largely remain focused on affordable and mid-range products that meet buyers’ aspirations and affordability.

“New launches in the pipeline are priced to target first-time homebuyers and young working adults,” he added. “Next year, we expect buyers to be discerning. Affordability, location and connectivity should remain the determining factors.

“Good projects in strategic locations and priced appropriately shall continue to attract buyers,” he told TheEdgeProperty.com.

Upcoming launches in 2017 in Greater Kuala Lumpur include Riana Dutamas in Kuala Lumpur, Riana South Condominium at Bukit Manda’rina, Cheras, Rimbun Harmoni 2-storey linked homes at S2 Heights in Seremban 2, and a new phase of affordable double-storey terraced in Bandar Rimbayu in Telok Panglima Garang.

Meanwhile, in the northern region, it is looking to launch Senjayu’s maiden phase of terraced homes in Jawi, Penang next year.