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TH Properties, Naza Group in RM100m project Print E-mail
Wednesday, 10 March 2010 02:33

PETALING JAYA: Lembaga Tabung Haji's (LTH) property development arm TH PROPERTIES [ ] Sdn Bhd and Naza Group have teamed up to develop a high-end residential enclave with a gross development value (GDV) of RM100 million in Bandar Enstek, Nilai.

The residential enclave in timur@enstek could be the first of many joint developments between the two companies, said TH Properties CEO Zaharuddin Saidon.

"We are working on value-adding packages for customers such as a free car or bike but the mechanism is still being worked out," he said after signing a memorandum of understanding with Naza Group joint executive chairman Datuk SM Faisal Nasimuddin yesterday.

"We signed a general MoU (memorandum of understanding), we will explore other options for joint development in the future as Naza Group has a well-diversified portfolio. This could take place within Bandar Enstek or elsewhere. At the moment, the residential enclave is our main focus," he said.

The residential enclave comprises 52 Italian-style single- and double-storey luxury homes targeted at foreigners in line with Malaysia My Second Home (MM2H) concept.

Zaharuddin said the location of the 30-acre (12ha) development was good for those who were looking for a quiet and unique home, away from the city.

"Property owners will be living in a unique and distinct enclave that fuses TECHNOLOGY [ ] and natural greenery, and enjoy a tranquil living space within a meticulously planned community," he said.

Faisal said that the joint venture was a milestone for both companies, and Naza would strive to provide more value to customers.

"For a start, we would see how we could offer attractive packages which include a free car with the purchase of a bungalow," he said. "However, this is just a starting point for other possible joint developments as Naza Group has a diversified portfolio from automotive to insurance."


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