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PENANG (Aug 20): JMR Conglomeration Bhd will launch its commercial development named Marvel View in Butterworth at the end of this year, according to a report carried by the digitaledge Daily today.
The project has a gross development value of RM75 million and is near the ferry terminal.
“We are pushing our property development segment from FY16, as we have a landbank of close to 200 acres in Penang and Kedah, of which 120 acres are undeveloped,” said group’s managing director Datuk Dr Goh Yong Chee, after the group’s annual general meeting yesterday.
The group is also concentrating on its mixed-use development of SA65 Taman Perdana Development in Simpang Ampang, Penang.
The project has a GDV of RM400 million and will be developed over four phases.
The mixed-use development will comprise terraced and semi-detached homes and commercial units.
The Penang-based company expects its property arm to contribute to half of its revenue of its financial year ending March 31, 2016 up from 38% in FY15.
Despite the group’s focus on its property development arm, Chee said the group will not neglect its manufacturing business in production of asphaltic concrete and quarrying.
He said the group also have plans for its first offshore property development, which has a GDV of RM35 million in London.
“We plane to kick off by the end of this year. We hope this would kick-start our venture into the UK, not only in property development but also in the manufacturing sector,” said Goh.
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