LONDON: TH Properties Sdn Bhd, the property development arm of Malaysia’s Pilgrims Fund Board, is eyeing London and Jakarta’s residential markets after successfully expanding its business in Sydney, Australia.
Group managing director Datuk Roszali Othman, said the company, however, was not in a hurry to penetrate these markets as it was looking for the right partners to collaborate in the respective countries.
“We are still looking for partners in London and Jakarta,” he told reporters on the sidelines of the International Property Awards 2017 here yesterday.
He said the decision to look for partners in venturing into new markets was made based on the success of its venture in Australia.
Roszali said via a 50:50 joint venture with local developer in Australia, the company has to-date secured several residential projects with a total gross development value of RM3.5bil.
He said TH Properties’ projects in Australia also contributed significantly to the company’s top- and bottomline.
“This year, the company is expected to record a pre-tax profit of RM94.12mil, up from RM73.72mil last year despite revenue projected to decline slightly to RM440.66mil from RM471.93mil,” he said.
He said following its success in Sydney, the company was also eyeing to expand its business to Melbourne and Perth residential market.
However, he said, such expansion would also depend on suitable partner and location.
Locally, he said, TH Properties was currently constructing the TH Hotel and Convention Centre Kuching and KL International Airport, both expected to be completed next year.
Apart from that, he said, the company has also received the approval for the design of the residential project on Tabung Haji’s land in Tun Razak Exchange but no date has been set to kick off the construction of the project. - Bernama
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