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Tuesday, August 18, 2009

TH, India developers to build luxury homes in Nilai

TH Properties and the developers will build super size luxury bungalows, each standing on 0.4ha, marketed under Malaysia My Second Home.

TH Properties Sdn Bhd will launch by mid-2010, two luxury housing projects worth RM1 billion at its 2,046ha freehold Bandar Enstek development in Nilai, Negri Sembilan, in a joint venture with developers from India.

Chief executive officer Zaharuddin Saidon, who declined to reveal the developers, said each developer will be given 40ha of land to develop under the joint-venture agreement

Zaharuddin told Business Times that they will build super size luxury bungalows, each standing on 0.4ha, marketed under Malaysia My Second Home.

He added that the bungalows would be sold to high networth individuals from India, the Middle East and Singapore.

It is learnt that each bungalow will sell for around RM5 million.

"We can't reveal more details as the agreement is still being finalised. We hope to sign it next month. The developers are preparing the master plan for approval," Zaharuddin said.

"In terms of development value, the Indian partnership will be our biggest investment from overseas into Bandar Enstek."

Zaharuddin said TH-NSTC Sdn Bhd, the developer for Bandar Enstek had been approached by the developers at the start of the current year and initial talks have led to the signing of a memorandum of understanding in March.

He said TH-NSTC is open to similar JVs with local and foreign developers but they should be able to add value to the township and bring in their own market catchment.

"We will consider allocating land to them to develop but we will be cautious in our approach. We rather do it ourselves while we can," Zaharuddin said.

TH-NSTC is a 70:30 venture between TH Properties, the property development arm of Lembaga Tabung Haji, and the Negeri Sembilan State Development Corporation, respectively.

The project is 30 per cent developed with 1,200 units of single and double-storey terraced hou-ses, bungalows and semi-detach-ed houses built and occupied.

The entire development will feature residential, industrial, commercial and institutional components with properties worth RM9.2 billion.

The project is scheduled to be completed in 2025.

By Business Times (by Sharen Kaur)

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