The Grand Premiere of The Light City
Speech by Chief Minister of Penang
At The Grand Premiere of The Light City
9 May 2017
The Grand Ballroom, The Top, KOMTAR
Mr. Pua Seck Guan
Chief Executive Officer, Perennial Real Estate Holdings Limited & Director, IJM Perennial Development Sdn. Bhd.
Mr Roy Lim
Vice President, Investment & Asset Management, Perennial Real Estate Holdings Limited & Director, IJM Perennial Development Sdn. Bhd.
Ms Annie Lee
Vice Chief Executive Officer, Perennial Real Estate Holdings Limited & Director, IJM Perennial Development Sdn. Bhd.
Yang Berbahagia Dato’ Toh Chin Leong
Senior General Manager, Northern Region, IJM Land Berhad & Director, IJM Perennial Development Sdn. Bhd.
Mr Tan Hun Beng
General Manager, IJM Perennial Development Sdn. Bhd.
Directors and Managers of IJM Group of Companies and Perennial Real Estate Holdings Limited
Yang Berbahagia Dato' Maimunah binti Sharif
Yang Di-Pertua Majlis Perbandaran Seberang Perai
Councillors of Majlis Bandaraya Pulau Pinang
Department Heads of Majlis Bandaraya Pulau Pinang
Members of the Media
Ladies and Gentlemen
First and foremost, I would like to thank IJM Perennial Development for inviting me to this milestone event – to witness The Grand Premiere of The Light City.
Not long ago, I attended the Joint Venture Signing Ceremony between IJM and Perennial Real Estate Holdings Limited on the development of The Light Waterfront Penang’s Phase Two. I am glad that the partnership went well and it has reached the execution stage for the development to kick-off.
The total Gross Development Value (GDV) is expected to be RM4.5 billion. The project is estimated to officially commence on the second or third quarter of 2017 and to be completed by second quarter of 2021.
Bandar Sri Pinang, where Karpal Singh Drive is located was a huge transformation from a fisherman village into a vibrant precinct. The Maritime Development, various food & beverage outlets and cafes are situated along the scenic promenade which is regularly patronized by locals and tourists. Karpal Singh Drive has become the new tourist and waterfront attraction for Penang.
Similarly, the location where Phase One of The Light Waterfront Penang is situated used to be the sea, and now the waterfront project is home to many affluent residents.
Apart from these, IJM also contributed from their Corporate Social Responsibility (CSR) aspect whereby art sculptures “Celebration of Our Blue Sky” and “Rhythm of Life” were built and placed in Karpal Singh Drive, “Coastal Runners” and “Harmony Fly” along Tun Dr. Lim Chong Eu expressway plus the Bicycle Path from The Light to Sungai Pinang.
We can see that Phase One of The Light Waterfront Penang has been successfully completed, and we are now eager to look forward to yet another contribution by IJM which is Phase Two of The Light.
The Light City will include the mixed-use integrated development strategically located in Gelugor, particularly the upcoming Penang Waterfront Convention Centre (PWCC) with total Gross Development Value of RM411 million and should be up and running by early 2021, which features state-of-the-art facilities will serve as a game changer for Penang as well as boost tourism and the state economy.
This will help to position Penang as the center of attraction for meetings, incentives, conventions and exhibitions (MICE). The Light City will also include a retail mall which offers a whole new retail experience and two new hotels.
Penang is garnering international attention as a destination for tourists. Recently in CNN's list of 17 of the best places to visit in the world, Penang came out number 2. For the first 3 months of 2017, passengers at the Penang International Airport grew from 1.57 million passengers for January-March 2016 to 1.98 million for January-March 2017, a surprising 26% growth.
Last but not least, I would like to commend IJM Perennial Development and Dato' Toh Chin Leong for this investment which will help strengthen Penang’s efforts to be an international and iconic waterfront city.