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Discontinuation of The Reduction Of Fixed Deposit Placement Based On Property Purchase And MM2H Approval By Government Pension
Kindly be informed that MM2H Centre has discontinued the reduction of Fixed Deposit placement based on property purchase worth RM1 million and above in Malaysia. Also discontinued is the MM2H...
TH Properties, Naza Group in RM100m project Print E-mail
Wednesday, 10 March 2010 02:33

PETALING JAYA: Lembaga Tabung Haji's (LTH) property development arm TH PROPERTIES [ ] Sdn Bhd and Naza Group have teamed up to develop a high-end residential enclave with a gross development value (GDV) of RM100 million in Bandar Enstek, Nilai.

The residential enclave in timur@enstek could be the first of many joint developments between the two companies, said TH Properties CEO Zaharuddin Saidon.

"We are working on value-adding packages for customers such as a free car or bike but the mechanism is still being worked out," he said after signing a memorandum of understanding with Naza Group joint executive chairman Datuk SM Faisal Nasimuddin yesterday.

"We signed a general MoU (memorandum of understanding), we will explore other options for joint development in the future as Naza Group has a well-diversified portfolio. This could take place within Bandar Enstek or elsewhere. At the moment, the residential enclave is our main focus," he said.

The residential enclave comprises 52 Italian-style single- and double-storey luxury homes targeted at foreigners in line with Malaysia My Second Home (MM2H) concept.

Zaharuddin said the location of the 30-acre (12ha) development was good for those who were looking for a quiet and unique home, away from the city.

"Property owners will be living in a unique and distinct enclave that fuses TECHNOLOGY [ ] and natural greenery, and enjoy a tranquil living space within a meticulously planned community," he said.

Faisal said that the joint venture was a milestone for both companies, and Naza would strive to provide more value to customers.

"For a start, we would see how we could offer attractive packages which include a free car with the purchase of a bungalow," he said. "However, this is just a starting point for other possible joint developments as Naza Group has a diversified portfolio from automotive to insurance."


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