KUALA LUMPUR – Lembaga Tabung Haji (TH) has denied purchasingÂ the Signature TowerÂ (Phase 2) within the upcoming Tun Razak Exchange (TRX) financial district, as reportedÂ inÂ aÂ blog.
LeakagesÂ ofÂ proposalÂ papersÂ areÂ notÂ proofÂ ofÂ approvedÂ investmentÂ decisions, said Deputy Group Managing Director and Chief Executive Officer, Datuk Johan Abdullah in a statement here.
In the same statement, however, Johan clarified that TH had an investment in land for the development of a residential tower (property) within the TRX.
This, he said, was in line with THâ€™s property investment strategyÂ 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 due processes accordingly.
“The purchase price of the property at RM188.5 million was at a discount to the current market value as appraised by an independent professional valuer,” Johan added.
The proposed residential building will be developed by THâ€™s subsidiary, TH Properties Sdn Bhd, which is expected to contribute positively to the Groupâ€™s future earnings.
Johan said TH wouldÂ continueÂ toÂ exploreÂ investment opportunitiesÂ inÂ theÂ domesticÂ marketÂ asÂ guidedÂ byÂ itsÂ StrategicÂ AssetÂ Allocation framework. – BERNAMA