JMR Conglomeration Bhd is focused on turning the group’s property development segment into the group’s core business.

Presently, the group’s asphaltic concrete plants in Juru and Langkawi generate 70% of JMR’s revenue, while the property division contributes the remainder.

Group managing director Dennis Chung Vui Ming told StarBiz after an AGM that the group planned to monetise the 90-acre land bank it owned in Seberang Prai.

“We are talking now to a few partners to build jointly 90 units of terraced and semi-detached houses in our SA65 scheme in Simpang Ampat, which will have an RM55mil GDV.

“Once the property glut in Penang has eased, we will plan the Marvel City in Juru, a mixed-development project with over RM1bil of GDV. We expect the oversupply of properties situation to continue in Penang for the next two to three years.

“JMR will conduct feasibility and viability studies for Marvel City and continue to explore suitable and profitable business opportunities locally and abroad, ” Chung said.

In Simpang Ampat, the group still has 33 acres of land bank left.

“We used to have 65 acres, of which 50% has been developed. We will continue to develop the rest of SA65 at Simpang Ampat through strategic partnerships.

“We are pleased to have a local private school set up its campus at our SA65 commercial shop lots since January 2019.

“There will be a multipurpose sports complex for the campus in time for 2021.

“Moving forward, we would like to transform our SA65 commercial area into a regional education hub by collaborating with strategic partners in the education industry, ” he added. According to Chung, the collaboration with strategic business partners at SA65 is expected to contribute positively to the Group’s revenue over the next three years.

Because the group is changing its business direction, Chung said its shareholders had approved the change of the company’s name to Jade Marvel Group Bhd.

It is now waiting for the green-light from the Securities Commission to put the change of name into effect.

“The JMR name reflects our road-building business, which we had stopped doing for a few years already. The name Jade Marvel Group creates awareness for the Project Marvel City and reflects more aptly the direction of our property road map, ” Chung said.

In the 2020 financial year ending March 31, 2020, the asphaltic concrete plants in Penang and Kedah will ensure continuity in supply, enhanced its production processes, response time and wastage reduction.

“In response to the challenging market conditions, the group would focus improvements on product quality and customer evaluation, ensuring our customers receive the best products and services at the best price, ” Chung said.

Source: TheStar.com.my

A proposed joint venture development between Ideal Property Group and Koperasi Kampung Melayu Balik Pulau Berhad in Balik Pulau. The 88-acres multi-phased integrated development will feature a hotel, 320 units of condominium, 360 units of low costs apartments, 67 units of double storey bungalow, 216 units of double storey semi detached houses 222 units of double storey terrace houses and 24 units of retail shop and bazaar. Complementing this proposed development, a private hospital, retail shops as well as a bazaar are included in the plans to enhance the overall value of this mixed development project.

This development is still in its planning stage. More details to be available upon official launch.

Project Name : (To be confirmed)
Location : Balik Pulau
Property Type : Mixed development
Built-up Area : (to be confirmed)
Total Units : (to be confirmed)
Land Tenure: (to be confirmed)
Developer : Ideal Greencity Sdn. Bhd.

Icon City, the brainchild of trendsetting developer Iconic Development Sdn Bhd, sold out all their units in 20 minutes when it was launched 5 years ago in Juru, Penang. If you missed the chance back then, regret not, because a new golden opportunity has arrived in the form of its successor, Iconic Point. Soft-launching on the 7^th and 8^th of September, this freehold development in Simpang Ampat is designed to replicate the success of the original Icon City, today a well-known lifestyle haven with dining and entertainment options galore.

In the absence of a premier lifestyle center in Simpang Ampat, Iconic Point will be a game-changer for mainland Penang’s dining and entertainment scene. Sprawling across 8.7 acres, Iconic Point will feature 49 units of modern semi-detached & detached shop offices with shared lift. There will also be 3 drive-thru F&B outlets with confirmed tenants such as Starbucks and more. An elegant 4-storey boutique hotel sits at the end of the Iconic Point belt, providing visitors a place to rest their weary body while still remaining in close proximity to essential service outlets and loved ones, perfectly encapsulating the definition of an integrated lifestyle hub.

The 49 units of modern 3-storey shop offices maximise convenience and efficiency by incorporating specially-designed shared lifts. Its commodious layouts make the units flexibly suited to a vast spectrum of business – from retailed store, cafes, restaurants and pubs, to beauty salons, boutiques and more.

Available in both semi-detached and detached configurations, the office spaces spark delight in your everyday routine thanks to its direct connectivity to retail stores just below, thus allowing the love for life to be rekindled here.

True to its name, Iconic Point is set to be the new iconic face of all-in-one convenience, leisure and entertainment commercial hub.

A great complementing to the lifestyles of modern individuals and families, it will be the place for one to swing by for a quick cuppa before work, have nice dinner with family, or enjoy a jolly weekend catch-up with friends.

Customers who drive will also find ample parking available, with around 600 car parking lots provided at basement and street levels.

Strategically located near the junction of Jalan Permatang Tinggi and Jalan Bukit Tambun, just off the North-South Expressway, Iconic Point will enjoy great visibility to thousands of motorists passing by daily. The development is also a stone’s throw away from the nearby KTM station, and in close proximity to mature residential neighbourhoods. Other nearby amenities include the Design Village Outlet and IKEA Penang which are both 8km away, the Sultan Abdul Halim Mu’adzam Shah Bridge 11km away, and the Penang Bridges 15km away.

Enhancing the quality of life for those living around and within the area, Iconic Point offers a multitude of opportunities for business owners to spearhead success. Within this charming corner of Southern Penang, Iconic Point is projected to be the next major attraction to residents in the vicinity.

All that makes Iconic Point a great opportunity for those looking to set up a thriving business, or an investment with great potential for returns. Units are priced from RM2mil onwards. Highlight features that can be found in Iconic Point include

• 49 Units
• Freehold
• Strata Title
• 3-Storey Shop Offices
• Drive-Thru Detached Shops
• Shared Lift

Do not miss this golden opportunity again and check out Iconic Point at its soft-launch on September 7 and 8! It will be held at the Iconic Sales Gallery at Lot 70-1-30 in D’Piazza Mall, located along Jalan Mahsuri in Bayan Baru, Penang. The event will be on from 10am to 6pm on both days.

For inquiries or to RSVP, call 04 – 643 1888, 012 739 7999 or 012 739 7888.

PKT Logistics Group, a socially responsible company providing logistics services today celebrated its structural “topping-up” ceremony for its upcoming The Ship Campus.

The Ship Campus will be one of the nation’s few college campus located in an industrial park.

The top-up ceremony was graced by the presence of Chief Minister of Penang YAB Chow Kon Yeow who signed the final piece of glass panel which was later hoisted onto the roof of The Ship Campus.

“The Penang State Government is extremely pleased that PKT Logistics Group through their education arm, Peninsula College will be adding value in knowledge and talent development through their soon to be completed campus,” said Chief Minister of Penang YAB Chow Kon Yeow.

“Graduates today must be industry-ready-and-driven and be equipped with the skills to manoeuvre through the corporate world.

“It is, therefore, timely for the rise of international and world-class institutions of learning here in Penang as we aim to develop the future generations to stay abreast with the industrial revolution, he added.

Meanwhile, Dato’ Michael Tio, Group Chief Executive and Managing Director, PKT Logistics Group Sdn Bhd said The Ship Campus aims to bridge the gap between academia and industry.

“The Ship Campus will be the few education campus located in an industrial park.

“This was a deliberate decision as we felt the need for the academia to be close to the industry in order to produce graduates equipped with the skills and capabilities required in today’s demanding job market,” he said.

Construction of The Ship Campus started in 2017 and is expected to be completed by 2020.

Once completed, The Ship Campus will be home to PKT Logistics Group education arm Peninsula College which will be able to accommodate over 4,000 students.

The Ship Campus is expected to offer tertiary education course in logistics and supply chain management, maritime management, computer science, hospitality, accountancy and business studies.

The Ship Campus would also see the collaboration between Peninsula College and University of Plymouth, UK as its education partner.

Aside from bringing high quality UK education to Penang, The Ship Campus will also serve the start-up and SME community of Batu Kawan through its Entrepreneurs Growth Hub.

The Entrepreneur Growth Hub is a start-up incubator that aims foster the growth of SMEs in Penang.

Beyond a physical co-working space, those who register with this hub are able to enjoy the facilities at The Ship Campus which ranges from a gymnasium facing the Straits of Malacca, a state of the art library, and lifestyle amenities such as open air cafes and retail outlets.

The Ship Campus will also feature The Opera Theatre. It is a large auditorium with a 470 seating capacity and can be used to host seminars, business conferences and also concerts.

“We welcome industry players and the business community of Batu Kawan to join our Entrepreneurs Growth Hub and be part of a growing community of like-minded entrepreneurs,” added Dato Michael Tio.

Decent affordable housing is fundamental to the health and well-being of people, and to the smooth functioning of economies. Yet around the world, in developing and advanced economies alike, cities are struggling to meet that need.

In line with the country’s commitment to provide adequate and affordable housing for all income levels, particularly for the lower-income group, Bank Negara Malaysia (BNM) Governor Datuk Nor Shamsiah Mohd Yunus stressed that affordable housing is a shared responsibility and that the government is looking at how infrastructure providers could play their part in reducing the cost of houses.

“There are three components which make up the biggest proportion of the cost, namely land, construction and infrastructure,” she said in an exclusive interview with Bernama recently.

“There is a greater recognition now on the need to reduce costs. For land costs, the government is collaborating with the state government on mechanisms to reduce costs; and for construction costs — that is where the government is looking to leverage technology such as the IBS (Industrialised Building System) to bring down the cost,” she pointed out.

Explaining further, the governor said “more importantly is to adopt strategies to raise income levels of households to make housing more affordable to the rakyat.”

Over the period 2007-2016, growth in house prices have outpaced household income.

Based on the median multiple approach, a house is deemed to be unaffordable if it is priced more than three times the annual household income. Malaysia’s is at 4.8 times.

“Let’s take the B40 for example. With their median monthly income of RM3,000, they can only afford houses up to around RM108,000 — three times their annual income.

“If you look at the 68 per cent of total unsold residential units, they are above RM300,000. That is why we also have to address the supply-demand mismatch.

“While there is demand for affordable housing, the developers are building outside the affordable reach of the majority of Malaysians,” said Nor Shamsiah.

Recently, the central bank expanded the eligibility criteria for those seeking to purchase property under the BNM’s RM1 billion Fund for Affordable Homes.

Effective September 1, 2019, individuals planning to apply for financing to purchase affordable houses would be eligible to do so if they have a maximum monthly household income of RM4,360, up 86 per cent from the earlier threshold income level of RM2,300 per month.

Plus, the maximum property price will be increased to RM300,000 from RM150,000. These new terms would help buyers from this income group to obtain financing to purchase their first house.

Meanwhile, the governor reiterated the importance of the Guidelines on Responsible Financing.

“The Guidelines on Responsible Financing is still relevant because the main objective of these guidelines is to ensure that borrowers are able to afford the loan and can benefit from it.

“So, if a customer is taking the loan to buy a house, the customer should eventually own the house at the end of their loan tenure. Ultimately, the banks and the borrowers should also be responsible in the decision. It works both ways,” she added.

The central bank’s responsible financing guidelines are in place to protect the interest of borrowers by ensuring that those who borrow are within their capacity to honour the financial obligation until the end of the loan tenure and eventually own the property.

This is as opposed to merely buying the house upfront and then fall behind their obligations and end up losing the property.

On that note, the governor said a lot is being done to educate consumers on areas relating to credit and financial management, especially through the Credit Counselling and Debt Management Agency, or commonly known as Agensi Kaunseling & Pengurusan Kredit (AKPK), which has gained greater traction.

AKPK is an agency established by BNM to help individuals take control of their finances through prudent financial management and financial education.

Financial literacy is among the factors that can contribute to sustainable and inclusive economic growth. It is the first line of defence for consumers to protect their rights when dealing with unfair market practices.

At the same time, to alleviate the public’s burden in coping with the rising cost of living, particularly for the M40 and B40 groups, the governor said BNM has been emphasising the importance of improving technical skills, reforming the labour market and education system.

“There needs to be greater collaboration between training providers and the industry players to ensure Malaysia produces graduates with the right skills,” said Nor Shamsiah.

During the interview, the governor also explained at length several other key issues pertaining to the country’s economic growth, the banking industry, the vital need to increase consumer awareness, as well as the importance of education, reskilling and upskilling in order to stay relevant in a challenging and constantly changing economy.

Source: Bernama