The freehold City of Dreams was named after the famous City of Dreams in Macao. This development is situated adjacent to the waterfront in the north-eastern district of George Town in Penang, opposite the busy Gurney Drive. The high-rise development comprises two 38-storey towers, with a total of 572 units. Drawing on its island location, the towers feature the concept of fluidity. The glass work on the facade are angled external panels, which gives the impression of flowing water. The design also evokes the multi-faceted and polished nature of a diamond, with these qualities apparent on the facade and in the interiors finishing. The gross development value (GDV) for phase one is about RM800 million. The second phase, dubbed City of Dreams 2, will have a GDV of RM1.2 billion. The second phases concept will be similar to the first one, but with smaller layouts of below 1,000 sq ft with 2 bedrooms targeted for smaller families. The first phase was completed at the end of 2019, and the second phase was launched at the end of 2020.