Lembaga Tabung Haji has clarified its investment in a land for the development of a residential tower within the upcoming financial district, Tun Razak Exchange (TRX). Pix by Chan Wai Yew

KUALA LUMPUR: Lembaga Tabung Haji has clarified its investment in a land for the development of a residential tower within the upcoming financial district, Tun Razak Exchange (TRX).

In a statement today, the pilgrim fund manager said this is in line with TH’s property investment strategy which is to focus on domestic sector.

Deputy Group Managing Director and Chief Executive Officer Datuk Johan Abdullah said the investment is a commercial decision which fits with TH’s risk appetite and has gone through all internal due processes accordingly.

However, TH denies that the Group is buying the Signature Tower (Phase 2) as reported in the blog. Leakages of proposal papers are not proof of approved investment decisions.

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.

The proposed residential building will be developed by TH’s subsidiary, TH Properties Sdn Bhd which is expected to contribute positively to the Group’s future earnings.

TH will continue to explore investment opportunities in the domestic market as guided by its Strategic Asset Allocation framework.