The Light @ Penang Waterfront: Future International Commercial Hub and Luxurious Enclave
by LimJ

Introduction
Penang's Coastline has always been an allure to traders and travelers alike, form all over the world. Now, another landmark will be standing proud at the waterfront in the Pearl of Orient. The Light at Waterfront Penang is the first mega icon of integrated leisure, retail and cultural destination with a luxurious waterfront living enclave. It is a 338 acres commercial and mixed development project, consisting of a corporate park, office towers, shop lots and retail malls, hotels, banquet and conference facilities, as well as a residential nearby. The project costs an estimated RM6.5 billion, on freehold land, and will be completed in 4 Phases throughout 15 years. Currently Phase 1 and 2 are already in action, Phase 3 in planning while Phase 4 is still under research.

Location

The Light at Waterfront Penang lies on the Eastern Coastline of Penang, near the Penang Bridge. It is under Gelugor; near the Gelugor area; and a driving distance from Georgetown. Nearby it, within driving distance to south, is the Queensbay development project, Pulau Jerejak, Tesco Penang and the Penang International Airport. Major highways passing along include the Gelugor Highway, the Jelutong Expressway and the Penang Bridge. A few other waterfront residential areas are also nearby.

Developer
IJM is an established corporation in various sectors including property development. It is a mergence of IGB Construction Snd. Bhd. Jurutama Snd. Bhd. and Mudajaya Snd. Bhd. Ever since 1984, IJM has a strong reputation in property development locally, as well as overseas. It has been awarded numerous awards, and its projects include Mentari Condominium in Kuala Lumpur, Riana Green Phase 4 in PJ, Wisma Pantai Penang, Bukit Raja Industry Park; plus infrastructure development in China, India, Argentina and Vietnam.

Selling Point
The Light's biggest attraction is eco-friendly, environmentally sustainable and energy efficient systems and designs, which will appeal to foreign investors who value sustainable long term investments; some who are also environmentally conscious. Since it plans to be an all-rounder commercial and leisure center, cost effective and sustainable systems are a plus point in increasing productivity, living standards, and at the same time keep health hazards, wastage and pollution in-check.

Also, the Light will be one of the projects to benefit from most of Malaysia's nationwide development plans. It will be an important advanced international commercial hub in the Northern Corridor Economic Region and the 9th Malaysia Plan; plus the development of the Penang Second Bridge, Penang Outer Ring Road and the Monorail system will increase its accessibility and value.

Not to forget its image and facilities as a world-class waterfront enclave and trade centre; comparable to Singapore's and Hong Kong's. This appeals to most upper-class professionals and investors, which seem to be their main target; and a few medium-high class development nearby will make sure that the middle-class are not left out as well. Customer flow will not be a problem for this project.

Drawbacks
As huge as its developments and aspirations, the Light has also attracted much controversy; one of its drawbacks. Environmental impact, over-development, meeting the people's needs and its effect on Penang's original heritage and nature are some of the questions and opinions debated by various people and parties.

Its 10-15 years of completion for the following Phase 3 and 4 may also be a risk, as unprecedented factors may halt the development halfway; those who have bought/ invested in the completed units (Phase 1 and 2) may find themselves facing losses. Competition from Queensbay and other developing areas nearby may slow its reception too; though the damage may not be huge.

Conclusion
From various opinions and sources, The Light received mixed response. Penangites are happy about the development, which will increase the state's revenue and facilities; but some have questioned its significance and benefits to the average middle-class Penang citizen. Though it has a few risks, it is overall a worthwhile investment. Plus, with the 9th Malaysia Plan and Northern Corridor Economic Region development plans as support, it is quite safe to bid a fortune on it.