Tabung Haji is to sell land in TRX

Tabung Haji is to sell land in TRX within two weeks from mid of May.

Lembaga Tabung Haji, which is planning to sell the 0.66 hectare piece of land in the Tun Razak Exchange (TRX), has received three offers from interested buyers.

One potential buyer has offered RM188.5 million, the price Tabung Haji paid to purchase the land from 1Malaysia Development Bhd (1MDB), but with an additional profit of RM5 million.

By looking at the Gross Development Value of RM828 milion, and deducting the Gross Development Cost of RM650.5 milion, Tabung Haji is able to make a gain of RM177.5 million.

Abdul Azeez also said the value of the land at RM2,774 per sq foot was lower than several other transactions done nearby at more than RM3,000 per sq ft including Malaysian Resources Corporation Bhd’s purchase of land belonging to the German Embassy.

Todate, Pilgrims fund Lembaga Tabung Haji has yet to finalise the sale of its parcel of land at the Tun Razak Exchange (TRX) project, which it bought from 1Malaysia Development Bhd (1MDB) in April, Putrajaya said today. Minister in the Prime Minister's Department Datuk Seri Jamil Khir Baharom said Tabung Haji was still evaluating potential buyers, even though its chairman Datuk Seri Abdul Azeez Abdul Rahim had in early May said that the sale will be completed in "a week or two". Tabung Haji is still evaluating all the offers in its effort to make the best decision so that the whole process remains Shariah compliant.

The minister did not provide a specific timeline as to when the sale will be completed. "We must be very thorough and careful in this sale, it involves the interests of the Muslims, so it's important that we look after their interests