THE LIGHT IS ON. Penang’s First and Finest Integrated Waterfront City
The Light Waterfront Penang, a project on reclaimed land along Penang Island’s eastern coast, is steadily taking shape as one of Malaysia’s most ambitious integrated developments.
The 195-acre seafront master plan development by Kuala Lumpur-based IJM Land Bhd, the property arm of IJM Corp Bhd (KL:IJM), aims to redefine the island’s urban experience by combining liveability, luxury, connectivity and sustainability.
Located between the Penang Bridge and the George Town city centre, The Light Waterfront showcases IJM’s capabilities after its decades-long involvement in Penang’s infrastructure and urban development. Having played a pivotal role in building key roads, highways and townships in the state, the company is now leveraging its experience to develop what IJM Land CEO Datuk Tony Ling describes as its most iconic project to date.
“The Light Waterfront is our flagship project in Penang. We have been part of Penang’s growth story for more than 40 years and The Light Waterfront brings together everything we have learnt — residential, commercial, retail, hospitality, wellness and placemaking — into one integrated waterfront city,” he says in an interview with City & Country in Penang.
Launched in 2007, the first phase of The Light Waterfront focused on premium residential living. This initial phase introduced ultra-luxurious waterfront residences, namely The Light Linear, The Light Point and The Light Collection. All units were fully sold, and the phase was completed in 2017.
While Phase 1 established the tone of exclusivity and architectural finesse, Phase 2 is slated to transform the development. Covering over 100 acres, it will introduce integrated offerings, encompassing hospitality, retail, corporate offices, residential and lifestyle elements.
At the centre of this phase is The Light City, a 32.76-acre mixed-use commercial precinct by IJM Perennial Development Sdn Bhd — a joint venture between IJM Corp and Perennial Holdings Pte Ltd — where the anchor development is Penang Waterfront Convention Centre. Upon its opening in October, the convention centre will be the largest of its kind in the northern region of Malaysia.
There will also be a shopping mall known as The Waterfront Shoppes with a net lettable area of 1.5 million sq ft. Retail leasing has already begun.
Complementing these properties is a mixed-use tower that will house two hotels and office spaces. The two hotels are the five-star JdV by Hyatt Hotel and the four-star Galaxy Minyoun Hotel from China, both of which are making their debut in Malaysia.
The hotels will be positioned above an 11-storey office component, which will offer a total of 200,000 sq ft of workspace. Each floor will provide 20,000 sq ft of office space. Ling expects about 80% of this space to be leased by year end.
“This is a corporate-grade seafront location and demand has been very encouraging. It is rare to find this level of integrated access, with a convention centre, retail, hospitality and premium offices, all within walking distance of each other,” he adds.
While the offices are forecast to be completed in 1Q2026, The Waterfront Shoppes and hotels are slated to open in 2Q2026 and 3Q2026 respectively.
The Light City also features residential parcels, including Waterside Residence, which was completed in 2020, and the fully sold Mezzo Residence, which is scheduled for completion this quarter.
The final residential parcel in The Light City is Lightwater Residence. The show unit is in the final stages of preparation, and the developer will soon begin preview sessions by appointment only. The development is slated for completion in 2029.
Completing the integrated precinct will be a wellness component. Currently in the planning stage and envisaged to be located on a piece of vacant land next to the mall, this component will also be a collaboration between the group and its Singapore-based partner, says Ling.
“This wellness hub represents a new direction for us. We are diversifying beyond traditional property development into healthcare and lifestyle, which are increasingly relevant sectors,” he explains.
For the remaining 70.24 acres in Phase 2, about 10.4 acres have been sold to third parties, while IJM Land will solely develop the remaining 60 acres.
First to launch within the 60-acre tract will be a single-tower integrated development named Merione, which is set to be unveiled this quarter. It is a low-density project that blends residential, retail and commercial components in a 39-storey block on a 1.88-acre parcel.
The commercial component, Merione Grand, will be unveiled first, featuring retail outlets, shops/offices and business suites. On levels 1 and 2 will be 32 retail shops with built-ups of 344 to 2,282 sq ft that IJM Land will keep for recurring income.
From levels 3 to 6 will be 72 shop and office units with built-ups of 872 to 1,539 sq ft. They will feature single-loaded layouts, and all units will face the main road and they come with attached washrooms. These will be priced at RM930 psf.
On levels 7 to 9 will be 93 dual-key business suites of 635 to 1,916 sq ft, each with private balconies offering panoramic waterfront or city views. These will be sold at RM1,090 psf.
The residential component, Merione Residence, will occupy levels 11 to 39. It will have 145 semi-furnished condominium units with three layouts of 1,055, 1,195 and 1,206 sq ft. Each unit will come with two to three parking bays.
The facilities podium on level 10 will have a pet-friendly playground, co-working space, infinity pool, pickleball court, barbecue area, Jacuzzi, community hall and games room. The condominium units will have a price tag of RM1,350 psf.
Ling believes that there is demand for such a mixed-use property in Penang. The business suites, for example, are not regulated under the Housing Development Act and are designed to offer flexible usage. They cater for entrepreneurs, creative professionals and start-ups that require hybrid live-work arrangements. The dual-key units make it possible for owners to occupy or lease out one or both units.
He highlights that such hybrid concepts have long been popular in cities such as Hong Kong and Shanghai, where businesses such as creative agencies operate beyond conventional working hours in spaces tailored to both living and work.
“This is a unique integrated product, not something commonly seen even in mature urban centres. In many developments, the commercial component is not for sale. But here, we are offering shop and office ownership options. It’s ideal for business owners who want to own their premises rather than lease them in mall settings with stricter fit-out and operating guidelines,” says Ling.
“We are seeing demand from younger professionals, designers and consultants — people who work unconventional hours and want a space that reflects their lifestyle. This setup is perfect for that.”
Ling points out that Merione is also designed as a transit-oriented development, as it will be linked to the upcoming Penang Waterfront station on the Mutiara LRT line and to The Waterfront Shoppes via a covered elevated walkway.
For the other parts of Phase 2, Ling envisions branded residences, additional hospitality offerings and serviced apartments. This phase is expected to keep the developer busy for the next 10 years.
With The Light Waterfront Phase 2, IJM Land is also repositioning itself as a long-term investor in key components of a development, according to Ling. The company will retain the convention centre, mall, hotel and office spaces at The Light City, as well as the retail spaces in Merione as investment properties to generate recurring income.
Ling says IJM Land has been using the sell-while-build approach. “Now, we are moving into investment property management, diversifying our income and building long-term value,” he explains.
Sustainability and smart technology
Ling says sustainability remains the cornerstone of The Light Waterfront’s business philosophy. He adds that long before green certifications became industry norms in Malaysia, IJM Land had integrated environmental features into its design at Phase 1, with passive cooling strategies, smart infrastructure and energy-efficient systems. For example, The Light Collection remains the only residential development in the country equipped with operational wind turbines.
“We have always believed that sustainability and smart building systems are not optional; they are essential. As we move into AI (artificial intelligence) integration for building management, maintenance and security, we are elevating our standards even further.”
From a vision to a reality taking shape, the success of The Light Waterfront is drawing attention among locals in Penang as well as from those in other states, says Ling. “We are getting a lot of attention from other states and city planners. The Light Waterfront is now seen as a reference point — what a modern, integrated seafront development in Malaysia can look like.”
Some have even likened The Light Waterfront to Penang’s version of the Kuala Lumpur City Centre (KLCC). When asked about the comparison, Ling says, “Yes, in a way. It is not about mimicking KLCC — it’s about offering Penang something equally distinctive and world class.”
Looking ahead, the project’s third phase — about 50 acres — is still in the early planning stages. Ling explains that the development of Phase 3 is contingent on the relocation of the local fishing community and regulatory approvals.
“This is a long game. We are building a self-sustaining city — a place where people can live, work, shop, unwind and be part of a dynamic, connected community. The light is on and we are just getting started,” he adds.
Media: The Edge Malaysia
Read more: https://theedgemalaysia.com/node/764819
