KUALA LUMPUR TH Properties Sdn Bhd, the property development arm of Malaysia's pilgrimage fund, Lembaga Tabung Haji (LTH), has allocated about RM220 million for all its Australian projects.
It has embarked on further developments in Sydney with a gross development value (GDV) exceeding A$800 million.
Speaking to the Malaysian media in Sydney recently, LTH chairman Datuk Azizan Abdul Rahman said TH Properties had already obtained approvals from the relevant authorities for these next developments.
It has just completed the A$220 million Bay Pavilions property development located at Burns Bay Road, Lane Cove, 10km away from the Sydney Central Business District (CBD).
Launched in late 2013 and sold out, the Bay Pavilions was completed ahead of time.
It is a premium mix of spacious 273 units of one, two and three-bedroom apartments, priced between A$515,000 and A$1.622 million.
Bay Pavillions' purchasers are mostly from Australia, followed by China, Malaysia and Hong Kong.
According to Azizan, Sydney had recorded an impressive capital growth of residential apartments of 7.2% per year over the past five years.
"The positive trend is expected to continue, albeit at a slower rate," he said.
Asked about any development plans beyond Sydney, Azizan said, "there was none at the moment," adding that LTH had an investment property in Melbourne.
Unlike Sydney, he said most other major capital cities in Australia are experiencing a slowdown in the capital growth of residential apartments.
In Sydney, the property developer has also secured the Imperial Hurstville project located at Treacy Street, Hurstville, with a GDV of about A$200 million. It is located about 25km away from the Sydney CBD.
TH Properties alos has two other projects in Sydney: the recently launched ONE The Waterfront at Wentworth Point, and a proposed high-rise apartment to be launched in 2016 at North Strathfield.
"The three projects are expected to be completed before 2020," said Azizan, who is also the Chairman of Piety THP Developments, the equally shared joint venture with the Australia-based Piety Group.
TH Properties stated that Sydney is a city of choice for foreign investors.
This claim is supported by the Reputation Institute's annual City RepTrak poll released on Oct 22, ranking 101 cities with the best international reputation in terms of economy, government, infrastructure, social policies, business environment and beauty.
Sydney was voted tops, followed by Melbourne. - Bernama
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