TH has been actively involved in real estate and property investments and currently owns several buildings and land in Golden Triangle Kuala Lumpur such TH Selborn, Platinum Park, KL Sentral dan Menara Wakaf (Bank Islam Building).
The investment is a commercial decision which fits with TH’s risk appetite and has gone through all internal due processes and evaluation by our investments panel and board.
The purchase price of the development is at RM188.5 millon, which was at a discount to the current market value as appraised by an independent professional valuer.
TH Properties Sdn Bhd will develop the project which is expected to contribute positively to the Group’s future earnings.
TH denies that the Group is buying the Signature Tower (Phase 2) as reported in the blog.
Leakages of proposal papers are not proof of approved investment decisions.
TH is buying a residential plot of 1.6 acres on an arms length basis for RM188mil with a guarantee by way of a put option. Acquisition is with development order and infrastructure to be done by 1MDB.
TH properties plan to develop it into an apt block. In a way this will protect Bumi interest in the area.
The property team has done the feasibility study and its a viable project with return in excess of 25 percent.
As a long term player in the real estate industry, this will be the first of its development in kl city.
If TH don't, which other bumi individuals or institutions can purchase it?
Kalau melayu tak sapu, the foreigners and non Malays will...
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They could be happy to see prime properties being gobbled up by CHinese tycoons and foreigners. All over town, one can see Singaporean Quill putting up prime properties everywhere.
No complain from The Benchmark when public were making noise of Australian real estate companies buying prime properties to stop foreigners to buy prime Malaysian properties. Thus the reason they are not happy LUTH buy 1MDB development.
It must be a Mat Salleh or arab... baru ada class kot?
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