The verdict
4.4/ 5Lightwater Residences is IJM Perennial's freehold condominium at The Light Waterfront in Gelugor: 262 homes in two 34-storey towers, targeted for completion in the first quarter of 2029.
- Price
- RM2.05M–RM3.52M
- Tenure
- Freehold
- Land title
- Residential
- Completion
- 2029
Zac’s own rating, not user reviews.
Zac’s own rating, not an average of user reviews. It reflects one licensed agent’s assessment of this project against others he tracks in Penang.
If you're still choosing an area, read my Gelugor 2026 buyer's guide first. It sets out every option side by side.
When IJM Perennial launched Lightwater Residences in February 2025 at about RM1,780 per sq ft, it was reported as the most expensive residential launch in Penang. By late 2025 the published prices had moved up again, to about RM1,810–1,870 per sq ft. That's the number to understand before anything else: you're paying the island's top new-launch rate in Gelugor, for a masterplan that's only now becoming a finished place.
Key takeaways:
- 262 freehold homes in two 34-storey towers on 2.87 acres, The Light City's second and final residential project.
- Launched from about RM2.05M; late-2025 prices from about RM2.085M (two-bedroom) to RM3.154M (three-bedroom plus study).
- Due in the first quarter of 2029.
- Residential title, private lift lobbies, GreenRE Gold rating.
- About 20% of Tower A's early buyers were foreign.
What you're buying
Lightwater is IJM Perennial's flagship: 262 homes in two 34-storey towers, from 1,152 sq ft two-bedrooms through 1,410 sq ft three-bedrooms and 1,690 sq ft three-bedrooms with study, up to about 3,186 sq ft at the top. Each home has a private lift lobby and floor-to-ceiling windows. It's freehold on residential title and has a GreenRE Gold rating.
Facilities sit on two levels. The level-6 garden deck has a gym, fitness and wellness rooms, a kitchen, a studio room and an indoor children's playground. The level-25 sky terrace has a sky lounge, whisky and cigar lounges, private dining and a jacuzzi.
The price, honestly
At RM1,810–1,870 per sq ft, Lightwater is priced like Gurney or the best of Tanjung Tokong, not like the rest of Gelugor. Merione Residences, in the same precinct, launched at roughly RM1,500–1,600 per sq ft. The completed Light Point and Collection phases ask about RM850–1,200. So you're paying a large premium for being new, for the frontline position inside The Light City, and for the masterplan maturing around you.
That can be the right call for an owner who wants a new home in a finished district by 2029. It's a weak case for a yield investor. At these prices, rents in the precinct won't produce a strong gross return, so buy it to live in or to hold.
Living here once the mall opens
The Waterfront Shoppes soft-opens on 29 October 2026, with about 1.6 million sq ft and around 300 shops beside the Penang Waterfront Convention Centre. By the time Lightwater completes, the mall should be well established, which is the strongest argument for the premium. The two planned hotels in The Light City's mixed-use tower have seen their dates move, so don't count on them for your timeline. More in my Waterfront Shoppes opening guide.
Getting around
The precinct sits beside the island end of the Penang Bridge. Measured road distances at free-flow speeds (rush hour takes longer):
- Queensbay Mall: about 6 km, 8 minutes.
- Komtar, George Town: about 10.5 km, 12 minutes.
- Penang airport: about 11 km, 13 minutes.
- Gurney Plaza: about 13.5 km, 15 minutes.
The Mutiara Line's Penang Waterfront (The Light) station is planned beside the precinct, due in December 2031, about three years after Lightwater's completion target.
For foreign buyers
Every published price clears Penang Island's RM1M minimum for foreign buyers of condos. IJM said Tower A, launched first, sold about 20% to foreign buyers from Singapore, Hong Kong and Taiwan. Confirm with the developer which units in each tower are open to foreigners. On a RM2.085M home, budget about RM62,550 for the 3% state levy, about RM166,800 for the flat 8% stamp duty, and three to four months for state consent.
The catches
The price per square foot is at the top of the island's range. If you might need to sell within a few years of completion, you'll be competing with Merione Residences and the completed phases, all cheaper per foot.
Construction continues until 2029, and completion dates in listings vary. Check the date in your SPA.
At about RM0.44 per sq ft, the quoted service charge is the highest in the precinct, the cost of the private lifts, sky terrace and five-tier security.
Which Light building suits you?
Merione Residences is the cheaper new-build option in the same precinct. Mezzo, completed in 2025, is the finished alternative from about RM1M. The Light Point offers big homes in a boutique tower for far less per square foot. The Light Waterfront guide compares every phase.
Zac’s Take
Zac Ong
Lightwater is The Light City's flagship and priced like it, at about RM1,800–1,870 per sq ft. You're paying for a new home with private lifts and a sky terrace, in a precinct whose mall, convention centre and LRT are finally coming together. It suits an owner who wants new-build and can wait for 2029. If you want The Light Waterfront for less, Merione or the completed phases give you far more home per ringgit.
Average response: under 1 hour, 9am–7pm Mon–Sat.
📲 Get Lightwater availabilityCurrent details are on the Lightwater Residences project page.
Sources: Launch date, units, towers, site area, facilities and launch pricing from IJM Land's project announcement; late-2025 prices, the 1Q2029 completion target and the Tower A buyer mix from EdgeProp Singapore (November 2025). Service charge from developer material. Road distances measured on OpenStreetMap routing; LRT station from MRT Corp's Mutiara Line site.