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SHAH ALAM (June 14): JAG Bhd is aiming to achieve a 50:50 ratio of revenue contribution for its waste management and property development business in the next five years or sooner, said its chairperson and executive director Datin Stacey Tan Siew Ching.
The company is planning to roll out two to three property projects in the next five years, she told reporters after the company’s annual general meeting and extraordinary general meeting today.
“We will be launching our maiden project towards the end of this year and we are looking for landbanks and strategic acquisitions or partnerships,” she said, adding that the company would be concluding some deals by end-2017.
JAG’s maiden project is a mixed development project on a 3.33-acre site in Kampung Jawa, Klang. It consists of retail outlets, office towers and apartments. It will be developed over three phases and is set to be completed within four years.
With a total gross development value of RM155 million to RM170 million, the project, which has not been give a name yet, is poised for a soft launch by the end of this third quarter or the beginning of the fourth quarter this year.
JAG executive director Datuk Ng Meow Giak said the company has obtained all the land approvals and have submitted the building plan.
“Simultaneously, we are also working on setting up our sales gallery which will be ready by the fourth quarter of 2017,” he added.
“We expect the long-term prospect of our waste management business to remain bright. In addition, we believe our diversification into property development and property investment as well as our coin-operated laundry business will enable the group to expand our revenue sources while mitigating our exposure to fluctuations in commodity prices,” he said.
