Tabung Haji will not sell TRX land

A short or medium term marked-to-market unrealised losses will not change its investment focus.

PETALING JAYA: Tabung Haji will not sell its Tun Razak Exchange (TRX) land despite receiving a very high offer for it, says chief executive officer Datuk Johan Abdullah.

Speaking to reporters here today, he said the decision was based on Tabung Haji’s expectations of its high value-added potential over the long term.

“From the start, the land was bought based on commercial (consideration) and we’ve made an evaluation of its value in the long term.

“We’ve received a very high offer (for the land), but we don’t want to sell it as we believe in the long-term value creation of that investment,” said Johan.

He was met after the launch of the Tabung Haji Foundation by Prime Minister Datuk Seri Najib Tun Razak.

Johan said currently, Tabung Haji was in discussion with several architecture firms on the development plan to be carried out on the land.

Tabung Haji bought the 0.631-hectare plot of land from 1Malaysia Development Bhd for RM188.8mil last year. - Bernama