GEORGETOWN, May 30 – Penang Chief Minister Lim Guan Eng Launching of Phase II of The Light Waterfront at Suffolk House yesterday evening as well in the same time which happening of Official Joint Venture between IJM Land Berhad and Perennial Real Estate Holdings Limited for this investment which will help reinforce Penang’s efforts to be an international and iconic waterfront city.
The Waterfront Convention Center will be run by a renowned overseas company. To be chosen as the first state in Malaysia by this company is a recognition of the bright prospects and huge potential of Penang as a location for MICE (Meeting, Incentive, Convention & Exhibition) events.
This can be realised with the development of Phase Two of THE LIGHT Waterfront Penang in collaboration by IJM Land together with its ideal joint venture partner, Perennial. IJM Land is an established property developer in Malaysia will work in unison with Perennial which is well-known as an integrated real estate owner, developer and manager as well as a dominant commercial developer.
Well-known for its world-renowned hawker fare, world-class UNESCO World Heritage Site and multi-cultural allure among tourists and locals alike the beautiful Penang Hill, Penang will be recognized as an iconic destination for all. With the addition of the convention centre, hotels, shopping malls, residential and office components all in one dynamic hub, Penang will have it all.
Lastly, as reported by Tourism Malaysia, as of Sept 2014, the number of tourists has increased from 3,528,177 in 2013 to 4,888,856 in 2014. Penang has attracted increasing numbers of tourists and investors. Last year Penang recorded an investment of RM 8.2 billion, a 110% increase from 2013’s RM 3.9 billion. For the 7 year period from 2008-2014, Penang recorded total investment of RM 48.2 billion which is a 93% increase of the previous 7 year period of 2001-2007 of RM 24.9 billion.
