BANDAR ENSTEK/NILAI: TH Properties Sdn Bhd, which made its maiden overseas venture to Australia at the end of 2015, will be strengthening its grip on the foreign property market by expanding to London in one or two months.
TH Properties group managing director and chief executive officer Datuk Roszali Othman said the firm, buoyed by its success in Australia, would launch 26 apartment units in the United Kingdom via a joint venture.
“Although not many, it is an important milestone for TH Properties as it will be our first project in London.
“This will open many opportunities for us in the future,” he told NST Business recently.
TH Properties, the property arm of Tabung Haji, made its first international venture with the launch of the Bay Pavilions project in Sydney, which has a gross development value of A$218.4 million (RM700.6 million), followed by the A$196.8 million Imperial Hurstville, also in Sydney.
It has four other ongoing projects in Sydney and Melbourne.
Roszali said the property market in the UK was challenging but the company was not worried as it had conducted a study and was willing to take calculated risks.
“The property market in London is not affected by Brexit. In fact, it is going up as the city requires 50,000 units of affordable houses every year.
“We know our British partner well just like we know our partner (Piety Group) well in Australia,” said Roszali, who has been at the helm of the firm for seven years.
He said the company’s venture into Australia had been a success as the property market in Sydney had appreciated 15 per cent.
Roszali is confident the situation will be the same in London.
Back home, TH Properties, which is the master developer of Bandar Enstek in Negri Sembilan, will launch several commercial and residential projects.
In Perlis, it is working closely with the State Economic Development Corp to build properties in Kuala Perlis.
In Penang, it is forming a joint venture to build apartment units by year-end.
TH Properties is also launching projects in Warisan Puteri in Seremban and Pesisiran Residences in Kuantan.
“The company is doing well and registering double-digit growth in revenue,” added Roszali.