Lembaga Tabung Haji has confirmed the investment of one plot of Land for RM 188.5mil which is around RM 2,779 per square feet in Tun Razak Exchange (TRX) that is based on market value over the area. The price of the land purchase is considered a discount while it has been assessed by independent valuators
According to the statement from Tabung Haji, the purchase has been in line with Tabung Haji investment strategy in Malaysia and is expected to generate positive returns in near future. There are plans where Lembaga Tabung Haji’s subsidiary TH Properties Sdn Bhd which has vast property development experience will be building residential tower over the land.
Tabung Haji’s investment is also in line with Tun Razak exchange’s goal to become the Islamic financial hub of the world. Lembaga Tabung Haji was setup at 1963 and is the official Muslim pilgrimage fund in Malaysia where Haj Pilgrims save up for their religious duty to Mecca. The investment fund is Shariah compliant and is based in Islamic principal.