‘TH’s purchase of TRX land a sound investment’
KUALA LUMPUR: Tabung Haji said its purchase of the Tun Razak Exchange (TRX) land from 1Malaysia Development Bhd for RM188.8 million is a sound investment.
Its group managing director and chief executive officer, Datuk Johan Abdullah, said the land’s market value had reached RM205 million, or RM3,002 per sq ft.
This, he said, was a good shortterm return value as it represented an increase of 8.2 per cent over the three years since the purchase was made in 2015.
“We are planning to develop the land with an estimated gross development value of RM900 million.
“The decision to buy the land was made based on our assessment.
“It will be a financial hub, comprising financial and business conglomerates and top-notch infrastructure.”
Johan said the integrated development in TRX was expected to transform the area to be the city’s new international financial district.
He said the commercial development would receive good response from clients as it was being built according to their requirements.
“Our investment in TRX is part of our strategy to focus on domestic investment and boost the exposure in strategic property sector.”
He urged certain quarters to stop spreading politically-motivated and baseless analyses as it could confuse the people.
“We have been criticised on social media by certain quarters, especially after we bought the land three years ago.”