IJM Perennial Development Sdn Bhd
Lightwater Residences
The Light City, Gelugor, Penang Island
From
RM 2.05M
Completion 2028
Tenure
freehold
Title
residential
Total Units
262
Completion
2028
- From
- RM 2.0M
- PSF
- —
- Tenure
- freehold
- Total units
- 262
- Status
- under construction
- Completion
- 2028
Price at a glance
Prices as at September 2026 — Developer prices basis. Last checked 2026-07-29. The project has not completed — no resale market yet.
| Unit type | Size (sqft) | Price from | PSF from |
|---|---|---|---|
| All units | 1,152–3,186 | RM2.05M | ~RM643 |
Zac’s Take
Zac Ong
Lightwater Residences is IJM's freehold waterfront project at The Light Waterfront in Gelugor — 262 units across two 34-storey towers, part of the 152-acre masterplan, targeting completion in 2028. It's one of the most watched new launches on the mid-island.
Pricing opens from about RM2.055M (roughly RM1,780 psf), with layouts from 1,152 to 3,186 sqft. You're paying a premium for a branded, master-planned waterfront address with the convention centre, retail and promenade around it.
My honest take: this is a bet on The Light precinct maturing into Penang's marquee waterfront lifestyle destination — and IJM has the balance sheet to deliver it. The psf is toward the top of the market, so this is location-and-brand buying, not value buying. Note the title class on waterfront JV projects can differ from plain residential — confirm it with me before you commit. Ask for the current price list and floor plans.
Lightwater Residences price list 2026
0 of 5 unit types have a published price · completing 2028
| Type | Size (sqft) | Price from | PSF (derived) | Units |
|---|---|---|---|---|
| A3-bedroom | 1,152 | On application | — | 0 |
| A13-bedroom | 1,152 | On application | — | 0 |
| A23-bedroom | 1,152 | On application | — | 0 |
| B3+1 bedroom | 1,410 | On application | — | 0 |
| C4-bedroom | 1,690 | On application | — | 0 |
PSF is derived, not quoted — each row divides that type's price by its own square footage. Developers do not always state whether a published size is built-up or nett, and the two can differ by 20%. Ask for both in writing before you sign.
Developer price — the project has not completed, so there is no resale market to compare against, last checked 2026-07-29. Developers reprice between phases — confirm the current list before committing.
No published unit type clears the RM1M foreign-buyer minimum, but 5 types are priced on application — those may qualify. Ask before ruling the project out.
5 unit types are priced on application
Usually the penthouses and duplexes — developers hold those back rather than publish them. I can get you the current figure and the floor plan directly.
📲 Ask for the current price listLightwater Residences completion date
Lightwater Residences is expected to complete in 2028. It is under construction now.
Read that as the developer's target, not a guarantee. What matters contractually is the vacant possession date in your SPA — 36 months from the sale and purchase agreement for a strata title under the Housing Development Act, with liquidated damages payable if the developer misses it. A launch year quoted in marketing and the VP date you can enforce are different things, so check the SPA schedule before you plan a move-in or a tenancy.
Building specifications
- Blocks
- 2
- Floors
- 34
- Total units
- 262
- Lifts per floor
- 6
- Ceiling height
- 3.00m
- Maint. fee
- RM0.44/sqft
- Security tiers
- 5-tier
Facilities
What's nearby
🏥 Healthcare
- Hospital Lam Wah Ee4.5km
- Penang Adventist Hospital7.0km
🎓 Schools
- SK Sungai Gelugor2.5km
- SMK Datuk Haji Mohd Nor Ahmad3.5km
- Universiti Sains Malaysia (USM)4.0km
🛍 Shopping
- The Light Waterfront500m
- Queensbay Mall5.5km
End-financing panel banks
Banks pre-approved for Lightwater Residences — approach any of these for a faster loan approval process.
Pre-approved banks as at launch. Confirm current status with your preferred bank directly.
🌏 Foreign buyer info
Tower A is open to foreign buyers (subject to Penang state minimum and 3% foreign-buyer levy). Tower B availability for foreign buyers should be confirmed with the developer directly.
See also: Penang foreign buyer guide →
💎 Premium tier — what actually matters
At this price tier, buyers care about a different set of numbers
Most Lightwater Residences buyers pay cash or use private banking — so monthly instalments aren't the metric. The questions Zac gets asked are:
- · Resale liquidity — how long to find a buyer in 5 years
- · Capital appreciation — what the area has done over 3, 5, 10 years
- · Carrying cost — maintenance + tax + utilities, not loan
- · Estate planning — title structure, inheritance handling
- · Foreign buyer levy & consent — true total cost basis
- · Lawyer / private banker network — who handles transactions well
Other projects in gelugor
All 11 others we track here, cheapest first — 5 of them still selling.
- Zen6RM550K
- Merione GrandRM693K
- STARK TowerRM700K
- Pearl RegencyRM723K
- Keeperz SuitesRM844K
- Middleton @ Minden HeightsRM861K
- The LighthauzRM890K
- Mezzo @ The Light CityRM900K
- Merione ResidencesRM1.42M
- The Light Collection IVRM1.73M
- Vilaris Courtyard HomesRM1.99M
Gelugor — area snapshot
Full area guide →Gelugor is a central island location close to USM and the Light Waterfront. Infrastructure is established, and The Light Waterfront development has lifted profile significantly.
Price range
RM 550K – RM 2.0M
asking prices in area
Active projects
5
selling or under construction
Subsale condos
6
completed projects
Total tracked
12
properties in this area
Total Cost Breakdown
Every cost you'll pay — stamp duty, legal fees, loan documentation, foreign levy. Real Penang numbers, not generic Malaysia estimates.
| Downpayment | RM 205,000 |
| SPA stamp duty (tiered 1–4%) | RM 66,000 |
| SPA legal fee | RM 19,650 |
| MOT stamp duty (at VP) Tiered 1–4% on transfer value. Paid at Vacant Possession stage. Buyer's cost — rarely absorbed by developer. | RM 66,000 |
| Loan stamp duty (0.5%) | RM 9,225 |
| Loan agreement legal fee | RM 9,225 |
| Valuation fee | RM 3,500 |
| Search, admin, misc | RM 1,000 |
| Gross upfront total | RM 379,600 |
New launch — typical developer savings
Toggle what the developer is absorbing. Confirm the actual package before signing.
Net upfront (after savings)
Based on typical 2026 new launch package
Estimates only, based on 2026 Penang state rules — not an offer, quotation, or representation of the developer's actual package. Actual costs vary by bank, lawyer, and case complexity. Confirm exact figures with Zac →
Frequently asked questions
Is Lightwater Residences part of The Light Waterfront?
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What is the price range at Lightwater Residences?
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When will it be completed?
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How many units and towers?
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Can foreigners buy at Lightwater Residences?
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Substitutes worth comparing
Open full comparison →Same area family, same property type, similar price band — what most buyers actually cross-shop.
From
RM 2.0M
Lightwater Residences