LONDON: TH Properties Sdn Bhd, the property arm of Tabung Haji, is exploring opportunities to penetrate the residential property markets in Jakarta and here, which it says have huge growth potential.
Group managing director Datuk Roszali Othman said the company was in the midst of identifying the right partner.
He said the decision was based on the success of a similar move in its Australian venture.
Roszali said TH Properties had six projects in Sydney with a total gross development value of about RM3.5 billion.
These projects had contributed significantly to the company’s profits.
“We are constantly exploring opportunities to penetrate the overseas markets.
“For us, to succeed in the external market is to have a good partner,” he said at the International Property Awards 2017-2018 organised by the International Property Media, here, yesterday.
Roszali said the company did not set any time frame to penetrate the two markets.
He said it was important to identify the right partner as well as the right development project that would be profitable and in line with the company’s business strategy.
On TH Properties’ financial performance, Roszali said the developer was on track to record a pre-tax profit of RM94 million this year, compared with RM73.72 million in the same period last year.