IJM clinches RM314.8 million contract to build hotel and office tower in Penang’s The Light City
PETALING JAYA, November 24, 2020 – IJM Construction Sdn Bhd (“IJM Construction”), a wholly owned subsidiary of IJM Corporation Berhad (“IJM” or “the Group”) has secured a RM314.8 million contract for the construction of a 34-storey hotel and office tower at The Light City, Gelugor in Penang.
IJM Construction received the letter of award early this month from Laksana Positif Sdn. Bhd., a wholly-owned subsidiary of IJM Perennial Development Sdn. Bhd. (“IJMPD”). Construction work is scheduled to commence in January 2021 and is expected to be completed within 45 months in October 2024.
IJMPD is a 50:50 joint venture company between IJM RE Sdn. Bhd, (a wholly-owned subsidiary of the Group) and Perennial Penang Pte. Ltd., an indirect wholly-owned subsidiary of Perennial Real Estate Holdings Pte Ltd, a Singapore-based integrated real estate and healthcare company.
The project comprises a 34-storey tower and two basement levels with a total built up area of approximately 830,000 square feet (sq ft). The hotel is a 500-room luxurious four-star hotel, while the office component of the building consists of 90 office suites in various built-up sizes and layout options with a net lettable area of 166,000 sq ft.
“The appointment of IJM Construction is testament to our strategy of delivering world-class, high quality developments as well as an acknowledgment of our expertise and capabilities as a builder. We are delighted and proud to be entrusted to deliver this prestigious project. We look forward to working with the entire IJM and Perennial team to ensure the successful completion of the hotel and office tower, adding yet another signature project to The Light City’s already impressive masterplan,” said Mr. Liew Hau Seng, CEO & Managing Director, IJM Corporation Berhad.
Mr Liew also said that this contract win will add to IJM Construction’s growing footprint of projects in Penang.
“In March this year, IJM Construction was awarded a RM140 million contract for the construction of a 24-storey hotel with a 10-storey podium for commercial lots and carpark in Butterworth. In August, we secured a RM864.7 million contract for the construction and development of The Waterfront Shoppes, an 11-storey retail mall and the Penang Waterfront Convention Centre also at The Light City, followed by a RM174.1 million design and build contract for government agency headquarters in September,” he added.
With the hotel and office tower new contract win, IJM Construction’s outstanding order book stands at around RM5.4 billion, comprising a good mix of private and public sector projects.
The Light City, which is part of Phase 2 of The Light Waterfront Penang, spans across 32.76 acres accounting for 22% of its entire master plan. Envisioned as a one-of-a-kind waterfront commercial city, The Light City features a dynamic combination of seamlessly integrated components, such as an international convention centre – Penang Waterfront Convention Centre (PWCC); The Waterfront Shoppes retail mall; hotel and office towers; and Mezzo and Essence luxurious high-rise residences. The Light City’s mixed development project spans across 4.1 million sq ft with an estimated total gross development value of RM4.5 billion.
Prominently located along the eastern coastline of Penang, The Light Waterfront Penang is a one-of-a-kind integrated waterfront development spanning 152 acres of prime urban seafront land. Divided into three phases of development, the grand masterplan of The Light Waterfront Penang features a host of interconnected and complementary ecosystem of components including residential, recreational, business, entertainment, retail, hospitality and commercial.
Caption: With the hotel and office tower (building on the left) new contract win, IJM Construction’s outstanding order book stands at around RM5.4 billion, comprising a good mix of private and public sector projects.
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About IJM Corporation Berhad
IJM Corporation Berhad (“IJM”), formed in 1983, is today one of Malaysia’s leading construction groups and is listed on Bursa Malaysia KLCI. Its business activities encompass construction, property development, manufacturing and quarrying, infrastructure concessions and plantations.
Headquartered in Selangor, its operations are in 8 countries, with primary focus in Malaysia, India and Indonesia. The Group presently has a market capitalisation of around RM5.8 billion and as of September 2020, the Group employs around 4,100 employees and has total assets of RM23.7 billion.
The Group’s belief in a shared destiny with its employees remains pivotal to its success while its reputation for professionalism, performance and good governance is acknowledged by customers and investors alike from its numerous corporate and industry accolades. IJM is committed to ethical business conduct and subscribes to the principles of good corporate citizenship for sustainable growth and development. For more information, visit www.ijm.com">http://www.ijm.com" style="color:blue; text-decoration:underline">www.ijm.com
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