Thursday 28 Mar 2024
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SHAH ALAM (March 3): ACE Market-listed electronic and industrial waste processor JAG Bhd is planning to unveil its maiden property development project in the third quarter this year (3Q2017). It has received the development order from the authorities recently.

The company has also received the approval from its shareholders to diversify into property development and property investment at the company’s extraordinary general meeting (EGM) today.

The property business will be spearheaded by a wholly-owned subsidiary company, JAG Land Sdn Bhd.

JAG Bhd executive director Datuk Nigel Ng Meow Giak said the company is glad to have received the strong support from its shareholders for plans to diversify into the property sector.

"Moving forward, we will be focused on ensuring the success of our maiden mixed development project in Klang, Selangor. We are currently finalising details from the aspect of design, concept and positioning and look to launch the project in 3Q2017," he told reporters after the EGM.

"JAG

The company plans to launch a mixed development project on a 3.33-acre site in Kampung Jawa, Klang. With a total gross development value (GDV) of RM155 million to RM170 million, the project will be developed over three phases and is set to be completed within four years.

Phase 1 consists of six units of four-storey shopoffices and a four-storey podium carpark. The second phase will be a seven-storey office tower with 69 office suites, one facilities floor and a three-storey carpark (in addition to the four-storey carpark in phase one).

Phase 3 will comprise two blocks of 17-storeys offering a total of 238 residential units and a facilities floor above the seven-storey podium carpark. The built-ups for the apartment units will range from 913 sq ft to 1,018 sq ft.

According to JAG Land project director Ng Seng Teik, the developer is looking at pricing the units at RM400,000 to RM500,000.

"The project has the advantage of being located in an established area, we are going to provide a product with nice design and concept but at an affordable price," he said.

Located on the same row as the Sentosa Specialist Hospital and NSK wholesale market, the land was acquired by JAG Bhd last year with a total purchase consideration of RM9.87 million.

Meanwhile, JAG Bhd chairperson and executive director Datin Stacey Tan Siew Ching said the company is looking for landbanking opportunities and joint ventures with land owners and developers.

"The property business has the potential to contribute at least 25% or more to net profits in the future, and we hope to achieve 50:50 ratio for the property business and waste business," she said, adding that the company regards the property business as a long-term strategy that will help it reduce its reliance on the waste business.

 

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