TH Properties plans foray into Bangkok market

KUALA LUMPUR: TH Properties Sdn Bhd, a wholly owned subsidiary of Lembaga Tabung Haji (TH), is expanding its business by venturing into the property market in Bangkok, Thailand, after growing rapidly in Australia.
TH Properties group managing director Datuk Roszali Othman said the group is looking into opportunities in the residential market in the neighbouring country as it offers a huge market potential.
“We have met potential partners, we are looking at the market in Bangkok as it has a huge market potential, like Jakarta.
“We are conducting a study and will submit it to the board of directors for approval,” he told Bernama in Bangkok recently.
Roszali was in Bangkok to receive awards at the Asia-Pacific Property Awards 2018-2019 for the TH Hotel and Convention Centre KLIA project last Friday.
The project bagged the five-star award in the Best New Construction and Design Construction category, and was nominated for the Asia-Pacific and international levels at the International Property Awards in London in December.
Roszali said the group has seven residential projects in Sydney and one in Perth through a 50:50 joint venture with local developers.
He said the Sydney projects are Bay Pavilions (with a gross development value of A$199.3 million), Hurstville (A$201 million), Wentworth Point (A$499.6 million), Rockdale (A$56.2 million), Lidcombe (A$97.7 million), North Strathfield (A$97.2 million), and St Leonards South Precint (A$445.5 million).
The project in Subiaco, Perth, involves a gross development value of A$176.8 million and all of the projects involve the construction of apartments.
Roszali said overseas projects contribute 60% to the group’s income.
On the home front, Roszali said, TH Properties will launch the first phase of an 80-unit affordable housing project in Bandar Enstek, Nilai, Negri Sembilan, in the third quarter of next year.
He said the project comprises one-storey and two-storey terrace houses, divided into three types, namely 25 units priced at RM80,000 each, 25 units of RM250,000 and 30 units of RM400,000.
“We do not focus only on luxury projects, but also take into account all levels (of properties). We will build more affordable units as we progress,” he added.