A sound decision

Minister in-charge of Islamic Affairs in the Prime Minister’s Department Maj. Gen. Dato’ Seri Jamil Khir Baharom admitted the Tabung Haji parcel for luxury residence in Tun Razak Exchange (TRX) which was with malice made contentious by a rogue blogger slightly over six months ago, is too valuable to be hived away.

The Malay Mail online story:

LTH land in TRX too profitable to sell, minister says

Tuesday December 29, 2015

 

 

According to Malaysiakini, the minister said this in a parliamentary reply on December 3 when explaining the delay behind the fund’s plan in May to sell the 1.56-acre plot.

“The land at TRX has high value in terms of integrated development, strategic location and return on investments,” Jamil Khir was quoted saying in the reply to PAS’s Temerloh MP Nasrudin Hassan.

The minister, citing news reports, also said that LTH had purchased the plot for RM2,773 per square foot (psf) when other buyers paid between RM3,000psf and RM4,500psf.

He added that the purchase is expected to rake in an estimated profit of about RM177.5 million.

Nasrudin had reportedly asked Putrajaya to explain why LTH had delayed selling the TRX land.

LTH had purchased the land from 1Malaysia Development Berhad (1MDB) for RM188.5 million in April but was subjected to much scrutiny from various parties for allegedly using public funds to bail out the state investor.

The pilgrimage fund made a decision to immediately sell off the land soon after but Prime Minister Datuk Seri Najib Razak insisted in August that LTH was making a mistake by doing so.

He instead said the negative perception towards TRX and the land deal was created by people with bad intentions, who wanted to “create negative perception on the deal”.

LTH has yet to sell off the land despite promising to do so by end of May.

****************

In early May, a blogger with the malicious intent to demonise Prime Minister Dato’ Sri Mohd. Najib Tun Razak’s leadership broke a story which revealed part truth of TH acquisition of the 67,954 sq. ft. parcel for strategic commercial purpose. It was portrayed that monies of old and poor folks saved in the TH scheme was “Plundered by pirates, to cover for 1MDB financial scandals”.

Undoubtedly, it was with the malice intent to rile up the Malays against Prime Minister Najib and topple him.

As an immediate reaction, TH Chairman Dato’ Seri Azeez Rahim announced that the parcel would be hived off quickly, to recover the investment and bring the matter to rest.

It is a very sound decision to keep the plot. The potential of TRX is enormous. It is proven with the various interest shown and deals quickly taken up, for strategic commercial investments with the newest luxury district within Kuala Lumpur.

Published in: on December 30, 2015 at 14:03  Comments (1)  

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One CommentLeave a comment

  1. if that is so valuable, imagine what kind of return it would be if TH purchase it at the price 1mdb purchased it from the government.

    so the issue here is not valuable or not. blind people also can see how valuable it is the land there. but the fact that TH bought the price at HEFTY price, thats the issue. and to some people, buying it off 1MDB is an issue as well. thats a bailout, to them. they got a point, afterall 1MDB needed money, and TH got money. dont ask me on that. ask them.

    another is, why TH buy that parcel? expansion or investment or whatever? is it shariah compliant? i dont know i just ask.

    u people make it so easy for others to shoot u in the foot. why is it very easy for u people to be this bad?


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