Retail Group Malaysia forecasts a growth rate of 3.5% for the retail industry in 2023,
GEORGE TOWN: The Waterfront Shoppe, a RM1.2bil mall project by IJM Perennial Development Sdn Bhd (IJMPD), will open for business in early 2025.
The mall is an integrated component of the RM4.5bil Light City project, which also includes a residential phase.
IJM Perennial Development Sdn Bhd (IJMPD) general manager Tan Hun Beng told StarBiz that the most challenging part of the construction- building the basement and car park- was already done.
“We have reached 30% completion.
“From now, we can focus on constructing the six-storey building comprising four levels of retail outlets and two floors of the convention centre.
“By the end of 2023, we expect the project to achieve 60% completion,”
According to Tan, the project will feature a 20,000 sq ft food court showcasing Penang’s best-known street food fare in a 680,000 sq ft shopping mall.
“The mall will also have a multi-storey car park equipped with electric vehicle charging stations and 3,000 car-parking bays.
“Some parts of the mall will be designed to resemble the island’s iconic landmarks,” Tan said.
Tan said IJMPD had recently concluded a deal with a leading Hong Kong-based grocery store to be one of the mall’s anchor tenants.
“The grocery outlet will occupy a 25,000 sq ft area.
“We’re now talking to a local cineplex chain that will take up 45,000 sq ft floor area,” he said.
Tan said IJMPD was arranging for various retail tenants to take up space.
“We prefer such an arrangement to a single departmental store occupying a significant portion of the shopping centre.
“We want to ensure that the mall has a balanced mixture of retailers and can serve as a crowd-puller,” he said.
Retail Group Malaysia forecasts a growth rate of 3.5% for the retail industry in 2023, according to its latest Malaysia Retail Industry Report (November 2022).
Tan said that the rising cost of living would be the biggest challenge for the retail industry.
“Consumer goods and essential food items prices have surged, rising by double digits within a short period.
“However, this would prompt more people to shop at grocery stores and cook at home.
“This is why we decided to secure a well-known Hong Kong-based grocery store as an anchor tenant,” Tan added.
IJMPD is a joint venture between IJM Corp Bhd
and Singapore’s Perennial Holdings Pte Ltd, overseeing the project.
Tan added that since the soft launch in February 2021, IJMPD had sold more than 50% of the Mezzo residence.
The 34-storey residential component of The Light City has 456 units, priced from RM900,000.
“Many of our customers from Singapore and Hong Kong are keen to invest because of the weakened ringgit.
“We have sold many units through online sales presentations,” he said.
IJMPD commenced work on The Light City in October 2020, and the construction is moving according to plan.
“The project will be launched in two phases, according to the pace of market demand.
“The current plan can accommodate more food and beverage outlets and, possibly, an experiential-themed park in phase two,” explained Tan.
Under the current plan, the first phase will have a mall with a 680,000-sq-ft net lettable area, the Penang Waterfront Convention Centre, a commercial tower comprising a four and five-star hotel with a combined total of 500 rooms and offices, and the Mezzo residential condominium.
The second phase will have a 340,000 sq ft net lettable area, a commercial tower, and the Essence residential condominium.
IJM Corp is one of Malaysia’s leading conglomerates with construction, property, industry, and infrastructure businesses.
It operates in 10 countries, focusing on Malaysia, India, the United Arab Emirates, China and Indonesia.
Perennial is an integrated real estate and healthcare company headquartered in Singapore.
As a real estate owner, developer and manager, it focuses on large-scale, mixed-use developments.
It operates in China, Singapore, Malaysia, Indonesia, Myanmar and Ghana, with a combined portfolio spanning over 65 million sq ft.
