domestic consumption and tourism. Many retailers, including new-to-market brands, are capitalising on opportunities to establish a presence in Penang, with announcements expected soon. On the residential front, The Light City’s first project, Mezzo, recorded impressive sales of over 90%. Following this success, preparations for the launch of the second residential project, Lightwater Residences, are underway. Construction across all components of The Light City is progressing smoothly, with phased openings scheduled to commence in 2025. STRATEGIC PRIORITIES Malaysia's economic outlook for 2025 remains positive, with GDP growth projected at 4.9%9. This growth is anticipated to be driven by robust domestic factors, including strong consumer spending and continued investment in infrastructure. Penang, in particular, stands to benefit significantly from these trends due to its flourishing tourism and retail sectors. Perennial Holdings aims to leverage this favourable economic environment by developing spaces that resonate with the public and cater to the evolving needs of businesses and consumers. Penang's MICE sector is experiencing notable growth, positioning PWCC as a key venue for hosting world-class events and exhibitions. This aligns with Perennial Holdings’ strategic focus on capitalising on the expanding MICE industry to boost visitor traffic and enhance the appeal of The Light City. Buoyed by strong investor sentiment in Penang, The Light City has intensified its marketing efforts to ensure robust opening occupancy across its commercial components. These include the state-of-the-art office tower (“Light Exchange”), a premium retail mall, the PWCC (set to be Penang’s largest convention centre), and its 4- and 5-star hotels. The Light City remains optimistic about selling its remaining Mezzo units and achieving strong results at the upcoming sales launch for Lightwater Residences. This confidence is underpinned by favourable trends in the residential property market, as well as the strategic location and premium quality of the project’s offerings. 76 PERENNIAL HOLDINGS PRIVATE LIMITED Real Estate Business Review Malaysia 9 The Star, (Dec 2024) https://www.thestar.com.my/business/business-news/2024/12/17/malaysia039s-gdp-forecast-to-grow-by-49-pct-in-2025
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