Tabung Haji Malaysia to Allocate RM2 Billion for Real Estate Investments in UK and Australia

PHA3M -- Lembaga Tabung Haji will set aside RM2 billion for real estate investments in the UK and Australia over the next three years, its group managing director was reported as saying today.

Datuk Seri Johan Abdullah, who is also the pilgrims fund board’s chief executive officer, said this would ensure the board of recurring income in the future.

"We haven't made any final decisions yet,” Johan was quoted as saying by Bernama. “We have identified a building which would be able to provide eight per cent returns yearly."

Johan said Tabung Haji would also be focussing on concessional projects this year, especially those which involved the government in relation to infrastructure, in order to strengthen the fund's acquisitions in the future.

"We are also in the midst of strengthening our involvement in syariah-compliant hotels, which includes Tabung Haji’s hotel and complex in Sepang which will be completed soon," Johan was quoted as saying by Bernama.

The RM400 million complex, scheduled to be completed by early next year, will replace the current complex in Kelana Jaya, he said.

"We are aiming for the complex to be ready for use as a departure point for haj pilgrims before they leave for their flights and it will also function as a four-star hotel for the public," Bernama reported him as saying.

Meanwhile, Tabung Haji plans to redevelop the complex in Kelana Jaya.

"We are currently exploring the complex's development potential, but not as a hotel because we don't think that the area is suitable (for a hotel)," he said. (source)

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