NAZA Group of Companies and TH Properties Sdn Bhd have agreed to work together in identifying and participating in various initiatives that the two can collaborate in.
Naza signed a memorandum of understanding with TH Properties on this matter yesterday.
The first venture involves the development of 52 high-end residential enclave bungalows with a gross development value of RM100 million at Bandar Enstek, Selangor.
Naza Properties Sdn Bhd, a company under the Naza group, and TH Properties are expected to jointly develop the luxury bungalows.
It is understood that the project, which is specifically targeted at the Malaysia My Second Home (MM2H) market, will see the properties bundled with vehicles from Naza.
"We are still working on the mechanism of partnership, but the idea is to provide lifestyle solutions for buyers of the properties," Naza Group joint group executive chairman Datuk SM Faisal Tan Sri SM Nasimuddin told reporters in Petaling Jaya yesterday.
He declined to reveal which of Naza's dealerships would be involved in the deal.
Naza holds the distributorship for Maserati, Ferrari, Chevrolet, Kia and Peugeot cars in Malaysia.
The Italian-inspired designs for the luxury bungalows bodes well with Naza, as it has several luxury brands under its stable.
"I believe this is an avenue that we can cooperate in to provide the ultimate luxury experience within the project's framework," Faisal said.
The home with a car/bike promotion is especially targeted at the MM2H market due to the unique nature of the programme that allows foreigners to purchase a new car made or assembled in Malaysia, and be exempted from paying excise duty and sales tax on the new car.
"The synergy between our two companies promises endless possibilities. There are many aspects that we could share with each other, especially with each of these companies having varying experiences and capabilities," Faisal said.
On the development of Bandar Enstek, TH Properties chief executive officer Zaharuddin Saidon said, 30 per cent of the 586.38ha it covers have been developed and sold.
By Business Times
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