Jamil (centre) listens as Piety Group general manager Bilal Eh Cheikh explains the project’s development yesterday. Also present is Azizan (right). — Bernama photo
SYDNEY: TH Properties Sdn Bhd, the property development arm of Malaysia’s pilgrimage fund Lembaga Tabung Haji, has embarked on further developments with a Gross Development Value (GDV) exceeding A$800 million to meet the rising demand for apartments in Sydney.
It has just completed its A$220 million Bay Pavilions property development project, its first overseas project.
Located at Burns Bay Road Lane Cove, the key handover ceremony is held at Lane Cove here yesterday.
Separately, TH Properties has also secured the Imperial Hurstville project located at Treacy Street, Hurstville with the ground breaking ceremony also being held today.
The Bay Pavilions project, undertaken by THP Bay Pavilions Corporation, a wholly-owned subsidiary of TH Properties, comprises 270 residential apartments.
The Imperial Hurstville development, undertaken by THP Australia Corporation, also a wholly-owned unit of TH Properties, consists of 227 residential apartments and eight units of retail shops with a GDV of about A$200 million.
Both THP Bay Pavilions Corporation and THP Australia Corporation have entered into a joint venture with Australian partner Piety Developments Pty Ltd for the two developments.
“In shaping TH Properties’ future, we are constantly on the lookout for strategic alliances that will achieve sustainable growth in our business,” TH Properties Chairman Datuk Azizan Abdul Rahman said at the handover ceremony officiated by Minister in the Prime Minister’s Department Mej-Jen (R) Datuk Seri Jamil Khir Baharom.
“Working with like-minded partners is critical in ensuring success wherever we operate, and we are pleased to have collaborated with the Piety Group in our first foray into international collaboration,” Azizan said.
Azizan noted that Piety Group has a successful track record of delivering lifestyle property developments in Sydney.
“Our collaboration with Piety Group began with a residential project in Waitara, Sydney which was partly funded by Lembaga Tabung Haji via its subscription in the Shariah-compliant Waitara Property Fund,” he said.