Tabung Haji confirms buying TRX land, denies purchase of Signature Tower

Lembaga Tabung Haji (TH) has confirmed purchasing a piece of land for the purpose of the development at the Tun Razak Exchange (TRX) financial district, according to a statement released Thursday.

The matter was confirmed by TH Deputy Group Managing Director and Chief Executive Officer, Datuk Johan Abdullah stating that the investment was in line with TH’s property investment strategy which is to focus on the domestic sector.

"The investment is a commercial decision which fits our risk appetite and has gone through all internal detailed due processes.

The purchase of the property at RM188.5 million was at a discounted price based on the current market value and appraised by an independent professional valuer," he said.

He said the proposed residential building will be developed by TH Properties Sdn Bhd (TH’s subsidiary) and is expected to contribute positively to the group’s future earnings.

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Johan said TH would continue to explore investment opportunities in the domestic market as guided by its Strategic Asset Allocation.

Meanwhile, Johan has denied purchasing the Signature Tower (Phase 2) within the district, as reported in a blog yesterday.

"Leakages of information through proposal papers cannot be made as proof of the approved investment decisions," he explained.

Yesterday, LTH) chairman Datuk Seri Azeez Rahim has denied the claim of the 1MDB land purchase, which was spread of social media since last night.

He also said that he has instructed the management of Tabung Haji to issue a statement regarding the claim.