The Light Waterfront: Redefining Urban Living and Growth in Penang

The Light Waterfront Penang is a freehold integrated development along the Tun Dr Lim Chong Eu Expressway in Gelugor, jointly developed by IJM Land Bhd and Perennial Holdings. Spanning 152 acres, the masterplan reflects IJM Land’s long-term vision to transform Penang’s eastern shoreline into a vibrant urban hub, seamlessly blending commercial energy, residential exclusivity, and lifestyle-driven experiences. Its landmark precinct, The Light City, occupies 32.76 acres and features luxury residences, retail, hotels, offices, and the Penang Waterfront Convention Centre (PWCC), anchoring the district as a premier destination for living, business, and leisure.

The overarching goal is to create a sustainable, high-value destination that serves as both a magnet for multinational corporations and a home for discerning residents.

In line with this ambition, the master plan focuses on:

• Integration of uses : combining retail, hospitality, residential, and convention facilities within a single walkable district.

• Economic resilience : generating long-term recurring income by retaining key commercial assets, such as the mall, hotels, and convention centre.

• Lifestyle appeal : creating an address that appeals to high-net-worth individuals, young executives, and global businesses, reinforced by Penang’s strategic location near industrial and economic hubs.

• Market adaptability : offering products across different price ranges and sizes to match diverse buyer and tenant profiles.

While the market remains challenging, the strategic location and mixed-use integration mean the project will hold value over time, with enduring demand for both residential and commercial components.

Project Highlights:

Lightwater Residences 

• Tenure: Freehold

• Total residential units: 262 units

• Property type: Luxury high-rise residences within integrated development

• Built-up size: 1,152 to 3,186 sq ft

• Completion year: 2025 (estimated)

• Developer: IJM Land & Perennial Holdings

• Location: Tun Dr Lim Chong Eu Expressway, Gelugor, Penang

• Indicative price range: RM2.05 million 

• Absorption rate : 27%

Mezzo - The Light City

Located within the upcoming Light City precinct, Mezzo offers an urban residential experience designed for modern professionals and upscale families seeking connectivity, convenience, and lifestyle amenities at their doorstep.

The twin-tower development features spacious units with layouts tailored to urban living, complemented by a range of recreational facilities and curated retail at podium level. Mezzo’s positioning allows residents to benefit directly from immediate access to the broader Light City masterplan, including retail, hospitality, and waterfront attractions.

Mezzo Residences is priced between RM900,000 and RM1.399 million, with an average transacted price of RM1.179 million. While the built-up area is not disclosed for a precise psf comparison, the pricing aligns with high-end developments nearby, reflecting its premium positioning.

The project's entry-level pricing starts significantly higher than some competitors, while its top-end prices are in line with the high-end offerings of other projects.

This pricing strategy reflects Mezzo Residences' market positioning, likely attributed to its location, newer facilities, and the developer's brand reputation. The strong sales performance, with a near sell-out of 228 units, indicates that the market has responded positively to this strategy and perceives the project's value proposition as fair.

Buyer considerations for Mezzo Residence

The sales summary for the 228 units at Mezzo Residences indicates a strong market response, with prices concentrated in the RM1,000,000 to RM1,400,000 range. This positions the project in the mid-to-high-end market.

Buyers should carefully evaluate if this premium price point aligns with the project's long-term value. Additionally, those who purchased the 8 units under the Bumiputera quota should be aware of potential resale restrictions. It is also advisable to consider the local infrastructure and traffic congestion, as these factors can significantly impact the daily living experience.

Project Highlights:

Mezzo - The Light City

• Tenure: Freehold

• Total residential units: 456 units

• Property type: Luxury high-rise residences within integrated development

• Built-up size: Mezzo : 1,033 to 1,367 sq ft

• Completion year : 2025–2026

• Developer: IJM Land & Perennial Holdings

• Location: Tun Dr Lim Chong Eu Expressway, Gelugor, Penang

• Indicative price range: RM900,000 – RM1.399 million 

Beyond its architecture, Mezzo aims to anchor a residential community that enjoys both privacy and integration. The development’s orientation maximises sea views for select units, while its location along Tun Dr Lim Chong Eu Expressway ensures seamless access to both Penang Bridge and the island’s city centre.

Concept & Lifestyle

The Light Waterfront’s design ethos revolves around creating a self-sustaining, experience-rich environment where every element from residential towers to retail promenades contributes to a cohesive urban identity.

The waterfront setting plays a central role, offering panoramic vistas and opportunities for leisure-focused public spaces. IJM Land has placed emphasis on placemaking: landscaped walkways, event-friendly open spaces, and a pedestrian-friendly interface between commercial and residential components.

The lifestyle offer is equally robust:

• Retail & Dining: A curated mix of international brands and local concepts within the mall, supplemented by waterfront-facing dining terraces.

• Hospitality: Two hotels catering to different market segments, from business travellers attending conventions to tourists seeking premium stays. A five-star JDV by Hyatt and a four-star Galaxy Minyoun Hotel.

• Workspaces: An office tower designed to appeal to multinational corporations, with proximity to Penang’s free industrial zone as a major draw.

• Convention Facilities: The Penang Waterfront Convention Centre is envisioned as a regional event hub, capable of hosting conferences, exhibitions, and cultural performances.

This integration of living, working, and leisure experiences reflects IJM Land’s intention to make The Light Waterfront not just a property development, but a destination.

The Light Waterfront Phase 2

Slated to begin construction in 2016, Phase 2 is a RM3 billion joint venture with Singapore-based Perennial Real Estate Holdings Ltd. It builds on the success of Phase 1 while expanding the project’s scale and ambition.

The masterplan for Phase 2 includes:

• A 1.6 million sq ft retail mall

• 540,000 sq ft office tower

• Penang Waterfront Convention Centre (100,000 sq ft) with adjoining function rooms

• Two residential towers

• Two hotels

The development budget allocates RM1.18 billion for the mall and retail outlets, RM580 million for hotels, RM330 million for the convention centre, RM678 million for residential, and RM270 million for the office tower.

A key strategic move is the retention of the mall, hotels, and convention centre as long-term assets, ensuring steady recurring income. The residential and office towers will be available for sale, targeting both investors and end-users.

Market positioning remains a priority. Residential units will be marketed to high-income investors and young executives who prefer renting in prime locations. Rental rates are projected between RM3,000 and RM8,000 depending on unit size, furnishing, and location.

With its scale, connectivity, and integration, Phase 2 reinforces The Light Waterfront as one of Penang’s most ambitious urban regeneration projects to date.