The second phase of the highly successful The Light Waterfront development is expected to begin construction by year-end, and is scheduled for completion by 2020 where its residential and office towers are up for sale by the second quarter of 2016.
As the project boasts a strategic location, the residential units can also be leased to young executives with a rental range of between RM3,000 and RM8,000, depending on the unit’s size and the furnishings.
According to IJM Land Bhd, the second phase of The Light Waterfront will include two residential towers, two hotels, a convention hall and function rooms that have gross floor areas of 100,000sq ft, a retail mall and an office tower.
The firm’s senior general manager Datuk Toh Chin Leong said, the commercial properties, such as retail outlets, hotels, mall and convention centre, will be managed by the IJM Land itself, as a source of long-term recurring income.
Since the project is located nearby the free industrial zone, the firm also has plans to lease the offices to the multinational corporations.
IJM Land will joint venture with its Singapore-based partner, Perennial Real Estate Holdings Ltd, to develop this RM3 billion project.