SEPANG: TH Properties Sdn Bhd plans to help parent Lembaga Tabung Haji develop its landbank nationwide.
The move should help bolster TH Properties' own property development and construction arm, its chairman Datuk Azizan Abd Rahman said in an interview with Business Times.
The fledgling property and construction unit is currently involved in Tabung Haji's integrated Haj Pilgrims Complex development at the Kuala Lumpur International Airport, but it needs more jobs to expand its order book.
The complex, which is expected to be completed by 2014, will comprise Haj facilities, a hotel and convention centre. Tabung Haji is also building similar facilities in Terengganu and Kedah.
The complex will help generate income for Tabung Haji through the hospitality and tourism sector.
"One of our responsibilities is to look after Tabung Haji's investment funds and one way is by investing in property development," said Azizan.
The core activities of Tabung Haji is to manage funds generated by deposits from Muslims in Malaysia and invest the accumulated funds to earn income for the depositors.
TH Properties currently has two projects in the Klang Valley, including Bandar Enstek at Sepang and a residential project in Keramat.
Bandar Enstek, which started in 1999, is expected to generate a gross development value of RM9.2 billion upon completion in 2025.
For the project in Keramat, TH Properties is awaiting approvals from the relevant authorities to build luxury villas and condominiums worth a combined RM700 million.
"We hope to launch the project by the middle of next year," Azizan said.
For construction, TH Properties has a contract worth RM400 million to develop a complex in Putrajaya for the Department of Islamic Development Malaysia.
"We have started piling work and are looking for more projects to build our order book," Azizan said.
By Business Times
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