Group to build 26 apart­ment units in Lon­don af­ter suc­cess­ful Aus­tralia foray

New Straits Times - - Business / News - ZAIDI ISHAM IS­MAIL NILAI xydee@me­di­

TH Prop­er­ties Sdn Bhd, which made its maiden over­seas ven­ture to Aus­tralia at the end of 2015, will be strength­en­ing its grip on the for­eign prop­erty mar­ket by ex­pand­ing to Lon­don in one or two months.

TH Prop­er­ties group man­ag­ing di­rec­tor and chief ex­ec­u­tive of­fi­cer Datuk Roszali Oth­man said the firm, buoyed by its suc­cess in Aus­tralia, would launch 26 apart­ment units in the United King­dom via a joint ven­ture.

“Although not many, it is an im­por­tant mile­stone for TH Prop­er­ties as it will be our first project in Lon­don.

“This will open many op­por­tu­ni­ties for us in the fu­ture,” he told NST Busi­ness re­cently.

TH Prop­er­ties, the prop­erty arm of Tabung Haji, made its first in­ter­na­tional ven­ture with the launch of the Bay Pav­il­ions project in Syd­ney, which has a gross devel­op­ment value of A$218.4 mil­lion (RM700.6 mil­lion), fol­lowed by the A$196.8 mil­lion Im­pe­rial Hurstville, also in Syd­ney. It has four other on­go­ing projects in Syd­ney and Mel­bourne. Roszali said the prop­erty mar­ket in the UK was chal­leng­ing but the com­pany was not wor­ried as it had con­ducted a study and was will­ing to take cal­cu­lated risks.

“The prop­erty mar­ket in Lon­don is not af­fected by Brexit. In fact, it is go­ing up as the city re­quires 50,000 units of af­ford­able houses ev­ery year.

“We know our Bri­tish part­ner well just like we know our part­ner (Pi­ety Group) well in Aus­tralia,” said Roszali, who has been at the helm of the firm for seven years.

He said the com­pany’s ven­ture into Aus­tralia had been a suc­cess as the prop­erty mar­ket in Syd­ney had ap­pre­ci­ated 15 per cent.

Roszali is con­fi­dent the sit­u­a­tion will be the same in Lon­don.

Back home, TH Prop­er­ties, which is the mas­ter de­vel­oper of Ban­dar En­stek in Ne­gri Sem­bi­lan, will launch sev­eral com­mer­cial and res­i­den­tial projects.

In Perlis, it is work­ing closely with the State Eco­nomic Devel­op­ment Corp to build prop­er­ties in Kuala Perlis.

In Penang, it is form­ing a joint ven­ture to build apart­ment units by year-end.

TH Prop­er­ties is also launch­ing projects in Warisan Pu­teri in Serem­ban and Pe­sisiran Res­i­dences in Kuan­tan.

“The com­pany is do­ing well and reg­is­ter­ing dou­ble-digit growth in rev­enue,” added Roszali.


Ne­gri Sem­bi­lan Men­teri Be­sar Datuk Seri Mo­hamad Hasan (cen­tre) with TH Prop­er­ties group chair­man Datuk Az­izan Abd Rah­man (right) and group man­ag­ing di­rec­tor and chief ex­ec­u­tive of­fi­cer Datuk Roszali Oth­man at the ground­break­ing of the Ban­dar En­stek mosque on Mon­day.

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