Bilal El-Cheikh Development Director
TH Properties Sdn Bhd venture in Sydney paves way for more Islamic financing
KUALA LUMPUR, Nov 23 — The participation of TH Properties Sdn Bhd in developing residential projects in Sydney, Australia may indirectly pave the way for more Malaysian and local banks to venture into Shariah-compliant financing in the future.
TH Properties is the property development arm of Malaysia’s pilgrimage fund, Lembaga Tabung Haji.
It has just completed a A$220 million (RM675.4 million) Bay Pavilions property development project at Lane Cove and is now involved in three other developments with a gross development value (GDV) exceeding A$800 million (RM2.4 billion).
The projects are the A$200 million (RM614 million) Imperial Hurstville at Treacy Street, the A$500 million (RM1.5 billion) ONE The Waterfront project at Wentworth Point and a proposed A$110 million (RM337.7 million) high-rise apartment to be launched in 2016 at North Strathfield.
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