IJM Perennial Development Sdn Bhd
Lightwater Residences
The Light City, Gelugor, Penang Island
From
RM 2.06M
RM 1780–1874 PSF · Completion 2028
Tenure
freehold
Title
residential
Total Units
262
Completion
2028
- From
- RM 2.1M
- PSF
- RM 1780–1874
- Tenure
- freehold
- Total units
- 262
- Status
- under construction
- Completion
- 2028
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 unit types
| Type | Config | Size (sqft) | Units | Car parks |
|---|---|---|---|---|
| A | 3-bedroom | 1,152 | 0 | 2 |
| A1 | 3-bedroom | 1,152 | 0 | 2 |
| A2 | 3-bedroom | 1,152 | 0 | 2 |
| B | 3+1 bedroom | 1,410 | 0 | 3 |
| C | 4-bedroom | 1,690 | 0 | 3 |
| Total | 0 | |||
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
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
4
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 205,500 |
| SPA stamp duty | RM 66,200 |
| SPA legal fee | RM 19,690 |
| MOT stamp duty (at VP) Tiered 1–4% on transfer value. Paid at Vacant Possession stage. Buyer's cost — rarely absorbed by developer. | RM 66,200 |
| Loan stamp duty (0.5%) | RM 9,248 |
| Loan agreement legal fee | RM 9,248 |
| Valuation fee | RM 3,500 |
| Search, admin, misc | RM 1,000 |
| Gross upfront total | RM 380,585 |
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 based on 2026 Penang state rules. 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?
+
What is the price range at Lightwater Residences?
+
When will it be completed?
+
How many units and towers?
+
Can foreigners buy at Lightwater Residences?
+
Substitutes worth comparing
Open full comparison →Same area family, same property type, similar price band — what most buyers actually cross-shop.
From
RM 2.1M
Lightwater Residences