TH Properties Sdn Bhd, the property arm of state-owned pilgrimage fund Lembaga Tabung Haji today launched its first Australian development, the Bay Pavilions with a gross sale value of AU$220 million.
This development is also TH Properties' maiden overseas venture and the first of four slated upcoming projects all located in New South Wales, with a collective gross development value (GDV) of AU$800 million.
The Bay Pavilions development was completed through TH Properties' 50:50 joint venture with Australia- based Piety Group, Piety THP.
“The success of the Bay Pavilions via its timely delivery, quality finishing and elegant design is testament of the efforts of TH Properties, its partner and their team," said Minister in the Prime Minister's Department, Datuk Seri Jamil Khir Baharom in his speech at the handing over ceremony here, this morning.
“The project has also pioneered Islamic project finance in Australia, and is also one of the pioneers of Shariah-compliant property developments," said Jamil.
The Bay Pavilions project signifies the company’s continuous efforts to grow and diversify its domestic pipeline of projects, and supports Tabung Haji’s strategy to enhance its international property investment portfolio.
“This maiden Australian investment promises to be the first of many development projects as we ramp up our capital investment and property development business in Australia, a market that we are confident presents great value,” said chairman of TH Properties, Datuk Azizan Abdul Rahman, also at the ceremony.
The luxury residential area is located at the North Shore of Sydney, some nine kilometres from the Sydney central business district.
It comprises 273 units of one, two and three-bedroom apartments across five eco-sensitive blocks whose sizes range up from 66 square meters; priced from AU$515,000 onwards.
As of launch day, all units have already been taken up.