KUALA LUMPUR – April 18, 2018: As anticipated at the time of purchase three years ago, the land Tabung Haji bought at the Tun Razak Exchange (TRX) site has increased in value by about RM16 million.
The agency paid RM189 million for the 1.56-acre plot which was heavily criticised by detractors, mixed with lots of sarcasm and scepticism, despite it being a normal commercial transaction at a site that was already in demand by developers then.
The price paid by TH at RM2,774 per square feet was in fact below the market value. The value is now RM3,002 psf.
TH plans to develop the land at a gross project development value of up to RM900 million.
The agency has issued a statement detailing the above to counter recent criticisms at social media and wants those responsible to making what it describes as sensational comments and inaccurate analysis blended with politics.
According to Group Managing Director/Chief Executive Datuk Seri Johan Abdullah, the purchase was based on long-term analysis.
In this regard, the integrated development of TRX will turn it into an international financial hub that houses business and financial conglomerates.
The statement further says that TH’s statement at TRX is among its strategic asset allocations that focuses on domestic investment.