IJM wins RM865 million contract to build retail mall and convention centre in Penang’s The Light City
PETALING JAYA, August 11, 2020 – IJM Construction Sdn Bhd (“IJM Construction”), a wholly owned subsidiary of IJM Corporation Berhad (“IJM”) has secured a RM864.7 million contract for the construction and development of a 11-storey retail mall and a convention centre at The Light City, Penang.
IJM Construction received the letter of award today from Tumpuan Azam Sdn Bhd, a wholly-owned subsidiary of IJM Perennial Development Sdn Bhd (“IJMPD”) for the construction of the 11-storey retail mall and convention centre. The construction work for both projects is set to commence in October 2020. The retail mall is expected to be completed in July 2024, while the target completion for the convention centre will be within 48 months by September 2024. The development has a 3,548,000 square feet built-up area and is built over a land area of 19.5 acres.
With this new contract win, IJM Construction’s outstanding order book stands at around RM5.4 billion. IJMPD is a 50:50 joint venture company between IJM RE Sdn Bhd (a wholly-owned subsidiary of the Company) and Perennial Penang Pte. Ltd. (an indirect wholly-owned subsidiary of Perennial Real Estate Holdings Limited, a company incorporated and listed in Singapore).
“We are thrilled to be adding this exciting development at The Light City to IJM Construction’s credentials of integrated mixed-use development projects. The contract win also reflects the quality and diversity of our work while reinforcing our track record of building iconic and innovative buildings that transform city landscapes. Upon its completion, The Light City will be one of the most iconic developments in Malaysia and one of the best integrated waterfront precincts in the region. We look forward to working closely with the entire IJM and Perennial team to see this project transition from a dream to reality,” said Mr. Liew Hau Seng, CEO & Managing Director, IJM Corporation Berhad.
Positioned as Penang’s premier integrated waterfront precinct, The Light City is a large scale integrated mixed-use waterfront development located in Gelugor on the eastern coast of Penang. The Light City is close to the Penang Bridge, a short drive from the Penang International Airport, and easily accessible by the Tun Dr Lim Chong Eu Expressway. Designed as a ‘smart city’ to be equipped with state-of-theart facilities, the total gross development value (GDV) of the project is expected to exceed RM4.5 billion. The Light City development comprises retail malls with a net lettable area of approximately one million square feet. The Penang Waterfront Convention Centre, a four-star hotel with 500 rooms, a five-star hotel with 250 rooms, offices and the residential condominiums.
For more information, visit www.ijm.com
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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 located in 10 countries, with primary focus in Malaysia, India and Indonesia. The Group presently has a market capitalisation of around RM7.06 billion and as of December 2019, the Group employed around 4,600 employees and has total assets of RM24 billion.
The Group’s belief in a shared destiny with its employees remains pivotal to its growing 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.