KL CHRONICLE: Tabung Haji Properties Buys Tun Razak Exchange, So What?

Friday, May 8, 2015

Tabung Haji Properties Buys Tun Razak Exchange, So What?

It looks like Malaysian's, especially the Muslims are having a field day today in whacking Tabung Haji (TH) for buying the Tun Razak Exchange (TRX) land along the golden triangle area. The best part is that even UMNO Youth and its Chief, Khairy Jamaluddin is now questioning the deal done by TH Properties.

Not only that, some dude by the name of Datuk Johari Abdul Ghani through his facebook posting said that, i quote : "Tabung Haji tidak mempunyai kepakaran atau jenama dalam pembangunan rumah "high-end" seperti....". That is the problems with Malaysians, especially UMNO politicians. They talk without doing some basic research of the topic that they are talking about. This is the same scenario that we are facing with the GST crap, well that's for another day folks. 

Ok back to this dude Datuk Johari Abdul Ghani statement, i took the liberty to "Google" Tabung Haji Properties and look what i found:

Heck, TH properties IS, and this is a big IS, actually having billion dollars (Ringgit) worth of investment in "high-end" properties across the country. In fact, currently TH Properties have their hands in 6 mega projects which are:

  1. Islamic Administrative Complex, Putrajaya
  2. Tabung Haji Hotel and Convention Centre
  3. Hajj Complex and Hotel, Senai Johor
  4. Hajj Complex and Hotel, Kuching, Sarawak
  5. Platinum Park KL
  6. Global Business Centre, Kelana Jaya

Not to forget, TH group in itself operates hotels around the world so they have ample experience in trying to develop a 40-storey luxury condominium. 

It shows that TH Properties have the capability to develop Tun Razak Exchange (TRX) and by buying the land at TRX, TH Properties now has a sizeable land bank in central Kuala Lumpur that can be develop to further boost TH Properties revenue, and in return increase the revenue for the Tabung Haji (TH) Group. Now, when TH group increase its revenue, it would then allow the company to:

1. Continue paying higher dividends to its account holders
2. Continue subsidizing the Hajj fees for Muslims
3. Provide more financial assistance to Small & Medium Entrepreneurs (SMEs)

and a lot more. So, my question again, so what if TH Properties by TRX from 1MDB?

By the way, can the UMNO Youth chief, and his EXCOs get me a land that is:

  1. Located in Bukit Bintang
  2. Land size = 70 acres with usable land approximately 70%
  3. Will have a future underground MRT station
  4. Has been re-zoned to residential land 
  5. Is cleared, cut & fill where appropriate'
  6. Has an integrated development and design plan approved

If they can get me a land that meets all the criteria above, for around RM 2800 per square feet. Then they can have a basis of "whacking" Tabung Haji properties. If not, well why not focus on attracting the youth back to supporting Barisan Nasional, would you?


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