BANGKOK, May 29: The Pilgrims Fund Board or Lembaga Tabung Haji’s property development in Kuala Lumpur’s new international financial district, the Tun Razak Exchange (TRX), will boast of iconic and spectacular features.
TH Properties Sdn Bhd (THP), a wholly-owned subsidiary of Lembaga Tabung Haji, which will carry out the real estate project in TRX, confirmed that it was in the final stage of firming up the design.
“We are in the final stage of selecting the design. We have shortlisted three architect firms which are working closely with foreign associates to come up with the design.
“We want the architect companies to come up with an iconic and spectacular design,” THP Chairman Datuk Azizan Abd Rahman told reporters, adding that the board of directors would select the final design for the TRX project.
He said the development of the project on its land in TRX would encompass a mix of apartment and serviced apartments and, other commercial developments with a gross development value of an estimated RM900 million.
Tabung Haji bought the 0.631 hectare piece of land in TRX for RM188.5 million two years ago .
The chairman was confident the commercial development would receive overwhelming response from clients as it was being built according to their requirements, besides being competitively priced compared with their competitors.
“The main criteria is the product itself and how can we present our products to the public,” he said.
Azizan also added the current market trend showed that those who worked in financial districts had the tendency to stay nearby and this is where THP’s project would have the edge over others.
On the assumption by some quarters that THP did not have the standing to compete in the real estate segment, the chairman said its ability and success had been proven internationally judging from its real estate project in Australia.
“If we can be successful in Australia doing residential products and compete with international firms and come up with attractive designs, then there is no way we can’t do it at home (Malaysia),” Azizan said, adding that THP had experienced and knowledgeable staff.
After Australia, THP would spread its wings to undertake real estate projects in London.
On Friday, TH Properties announced that it had bagged three awards at the prestigious Asia Pacific Property Awards 2017-2018.
The award-winning projects were; Bay Pavilions, Sydney, in the “apartment” category, TH Hotel and Convention Centre Kuching in the “new hotel construction and design” category and the Islamic Complex Putrajaya in the “office development” category.
Azizan said THP owned and managed three properties in Australia which showed the company’s capability to take on international projects.
“We competed with international firms in Australia and we can definitely repeat our success in TRX,” he said, adding that THP was a professionally-run property company.