GEORGE TOWN: Penang-based JMR Conglomeration Bhd expects property ventures to contribute to half of its revenue for its financial year ending March 31, 2016 (FY16) compared with 38% in FY15.

Its group managing director Datuk Dr Goh Yong Chee said the group, however, will not neglect its manufacturing business (production of asphaltic concrete and quarrying).

“We are pushing our property development segment from FY16, as we have a land bank of close to 200 acres (81ha) in Penang and Kedah, of which 120 acres are undeveloped,” he told reporters after the group’s annual general meeting yesterday.

For FY16, the group will be concentrating on its four-phase mixed project SA65 Taman Perdana Development in Simpang Ampat, Penang, which carries a gross development value (GDV) of RM400 million. The development comprises terraced and semi-detached residential units, and commercial premises.

JMR will also launch Marvel View, a commercial development, by the end of this year. It is located next to the Butterworth ferry terminal and has a GDV of RM75 million.

“We are also excited about our first offshore property development (with GDV of RM35 million) in London, which we plan 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.

This article first appeared in digitaledge Daily, on August 20, 2015.