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Friday, November 4, 2011

TH Prop expects wave of interest in Bandar Enstek

SEPANG: TH Properties Sdn Bhd, the property arm of Lembaga Tabung Haji, a pilgrims' fund management institution, expects a new wave of investments next year from local and foreign parties at its Bandar Enstek development in Sepang, Selangor.

TH Properties chairman Datuk Azizan Abd Rahman said although the market now is a bit uncertain as far as the global economy is concerned, he is optimistic the company will be able to attract investments of up to RM60 million.

"We are in negotiations with a few multi-national companies (MNCs). We are also not keeping our doors close on Google Inc, which once said it was looking to invest here.

"Should they (Google) decide to make an investment in Malaysia, we hope to attract them back here," Azizan said yesterday at the launch of Rembulan, a new series of houses within "timur@enstek" yesterday.

Since its inception, Bandar Enstek has attracted investments of more than RM2 billion from government bodies and the corporate sector.

Bandar Enstek is a 2,046-hectare integrated township located nearby the Sepang F1 Circuit and the Kuala Lumpur International Airport.

It comprises four main components namely residential, a commercial hub, institutional zones and techpark@enstek. timur@enstek is the third residential phase for the development.

On Rembulan, TH Properties is introducing 124 semi-detached homes each priced between RM622,400 and RM1.07 million, or collectively at RM95 million.

Azizan is confident that the houses will attract buyers from within the neighbourhood and Kuala Lumpur.

""As far as the property market is concerned, I would expect a bit of a slowdown next year. But since we are targeting the middle income group, I don't think our development will be affected.

"Any major setback in the economy, the speculative kind of investment would suffer. Here, we don't have speculators. They buy and stay for their own use," he added.

Azizan said TH Properties aims to start developing an 18-hole golf course on 64ha surrounded by resort homes at Bandar Enstek by mid-2012.

It is also looking to partner a company in India to jointly undertake a luxury development in the area.

"While we are deciding to move to the luxury market, our base will always be the middle income segment. We just need some form of recreation for the MNCs and other investors at the development," Azizan said.

By Business Times

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