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Wednesday, March 10, 2010

TH, Naza in property tie-up

SUBANG JAYA: TH Properties Sdn Bhd and Naza Properties Sdn Bhd have formed a strategic alliance to develop a high-end residential project with a gross development value of RM100mil.

Zaharuddin Saidon (left) exchanging documents with Datuk S.M. Faisal S.M. Nasimuddin. With them is TH Properties chairman Datuk Azizan Abdul Rahman.

TH Properties chief executive officer Zaharuddin Saidon said the project would involve 52 single and double-storey luxury bungalows with Italian concept in Bandar Enstek, which borders Negri Sembilan and Selangor.

“We plan to launch this project in June,” he told a press conference after the signing of a memorandum of understanding (MoU) between TH Properties and Naza Group yesterday.

TH Properties, the development manager of Bandar Enstek, is a wholly-owned subsidiary of Lembaga Tabung Haji while Naza Properties is a unit of Naza Group.

Naza Group joint group executive chairman Datuk S.M. Faisal S.M. Nasimuddin said the company was exploring the possibility to bundle the luxury property products with cars under the Naza Group.

“The type of cars will depend on the demographic of the buyers and we are in the midst in finalising the details,” he said.

Faisal pointed out that the synergy between two companies promises endless possibilities and there were many aspects that they could share. “The MoU also marks the collaboration between TH Properties and Naza Group in identifying and participating in various fields in the future,” he said.

Faisal said future collaboration could be in any field that Naza Group was currently involved such as auto, finance, property management, insurance, plantations, agriculture and transportation.

“This (signing of MoU) is just a starting point and we are in the midst of identifying more projects to work together,” he added.

By The Star

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