JMR to launch Marvel City and Marvel View soon

The projects will have GDV of RM2.2bil

GEORGE TOWN: JMR Conglomeration Bhd is redesigning its Marvel City and Marvel View projects, which have an estimated gross development value (GDV) of RM2.2bil, for launch before 2020.

Group managing director Datuk Goh Yong Chee told StarBiz after an AGM here that JMR had originally planned to launch the projects last year.

“We have to change the plans due to market conditions. We are now replanning the schemes to suit the needs and conditions of the market.

“The RM1.5bil Marvel City is a mixed-development project on 22.2ha in Juru which will be developed over five to six years. We are adjusting some of the components to enhance the value of the project.

“Marvel View is a RM70mil commercial project in Butterworth, located near the ferry terminal,” he added.

For this year, JMR plans to launch residential projects with an estimated GDV of RM30mil in Simpang Ampat for its Taman Perdana project before the end of the year.

“This is the third phase of the Taman Perdana project. There will be a fourth phase with a GDV of RM50mil in 2018.

“The projects to be launched comprise terraced, semi-detached, and bungalows priced from RM500,000,” he said.

JMR has developed over 150 units of residential properties for the first and second

We still have 56.6ha in Seberang Prai and Kedah. Datuk Goh Yong Chee

phases of Taman Perdana.

“We still have about 56.6ha in Seberang Prai and Kedah,” Goh added.

The property development division generates about 50% to the group’s revenue.

On its other core business, Goh said JMR is setting up a new asphaltic concrete plant in Penang, which would be operational in 2018.

“The plant will support sizeable private and public infrastructure projects. At the same time, the group is planning to commence its quarry activities in Bukit Perak, Kedah,” he added.

The concrete manufacturing business contributes another 50% to the group’s revenue.

JMR is pursuing potential business opportunities that are related to its business model overseas and domestically, according to Goh.

On the group’s borrowings, he said JMR’s financial position remains strong.

“Our borrowings have been reduced to RM19.43mil as of March 31, 2017 from RM22.2mil in March 31, 2016.

“The group’s gearing ratio as of March 31, 2017 fell to 19.85% from 22% a year ago,” he added.