OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 79 ANNUAL REPORT 2025 Business Review Malaysia Real Estate MALAYSIA REAL ESTATE THE LIGHT CITY, PENANG THE LIGHT CITY, 槟城 The Light City is an expansive mixed-use waterfront development situated on Penang's eastern coast, bringing together complementary premier residential, retail, commercial and hotel components. The residential component comprises the fully sold Mezzo and the popular Lightwater Residences, both focused on modern, sustainable high-rise living with direct access to the retail mall, The Waterfront Shoppes. Positioned as a premier family, tourist and lifestyle destination in Penang, The Waterfront Shoppes will offer visitors a unique waterfront shopping and dining experience from a curated mix of brands, including new-tomarket, familiar international, regional and domestic favourites. A central pillar of the development is the Penang Waterfront Convention Centre, Penang’s largest convention centre. Operated by renowned South Korean convention centre specialist KINTEX, this cutting-edge facility is set to elevate Penang’s international profile, attracting global events and business travellers alike while cementing the city's status as a toptier global hub. The Light City also comprises a commercial tower featuring The Light Exchange offices and dual-branded hotel headlined by Malaysia's first 5-star 'JdV by Hyatt' hotel. Housed conveniently within the same building, office tenants and hotel guests are ensured immediate access to seamless, world-class hospitality services. This vibrant mix of residential, retail and hospitality offerings makes The Light City a standout destination and a vital focal point within Penang’s thriving development scene. Home Living Exhibition, Penang’s biggest home shopping event. Its event calendar also included the WaterTech Asia 2025, a regional exhibition and conference for water management professionals; and the official launch of the Penang Inspiring Meetings x Visit Malaysia 2025 campaign. With its exciting line-up of major events and conferences planned, PWCC is on track to attract more than 30,000 delegates in its inaugural year of operation. Residential developments within The Light City, Mezzo and Lightwater Residences, enjoyed good sales momentum. All 456 units of Mezzo were fully sold before its completion in 3Q 2025, and handover to owners is almost complete. The 263-unit Lightwater Residences saw an uptick in sales since the opening of its sales gallery along The Light City’s waterfront promenade in 2H 2025. The Waterfront Shoppes retail mall, 459-key dual-branded hotel featuring the 5-star JdV by Hyatt brand and The Light Exchange office spaces are on track to be completed progressively. The ‘Jdv by Hyatt’ hotel will also be the first Hyatt-branded hotel in Malaysia. The hotels and offices will be located within the same commercial tower, offering guests and tenants a comprehensive suite of hospitality offerings. The Waterfront Shoppes retail mall and The Light Exchange office are on track to commence operations progressively. By 2026, the first phase of The Light City will be fully operational. The development’s exciting blend of offerings is set to position it as an attractive premier lifestyle destination on the coast of Penang, often referred to as the "Pearl of the Orient" or Pulau Mutiara. STRATEGIC PRIORITIES Malaysia’s economic outlook for 2026 remains positive, with GDP growth projected at 4.0% to 4.5%16. This continued steady growth outlook is underpinned by resilient domestic demand, continued investment activity and a dynamic services sector. Penang, in particular, is poised to benefit from these trends, with its thriving tourism and retail sectors, underpinned by strong governmentled infrastructure upgrades. Perennial Holdings will leverage the positive economic climate by adapting to the evolving needs of businesses, visitors, and residents who seek innovative and elevated premier lifestyle experiences at The Light City. With strong investor sentiment in Penang, The Light City is ramping up its marketing efforts to ensure healthy opening occupancy across its various commercial components, The Light Exchange office, PWCC, The Waterfront Shoppes and the dual-branded hotel. Penang’s MICE sector is gaining significant traction, with PWCC positioned as the premier destination for worldclass events and exhibitions. This aligns with Perennial Holdings’ strategy to leverage the growing MICE industry in Penang to drive footfall, occupancy and spending within the Light City. The sales launch for Lightwater Residences is anticipated to deliver strong results, following the strong track record of Mezzo unit sales. This confidence is bolstered by the ongoing positive trends in Penang’s residential market, as well as the project’s strategic location and high-quality offerings. 16 The Malaysian Reserve, Jan 2026 (https://themalaysianreserve.com/2026/01/02/firm-domestic-demand-drives-gdp-growth-in-2026/) 78 PERENNIAL HOLDINGS PRIVATE LIMITED The Waterfront Shoppes, The Light City, Penang
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