by Rosalynn Poh
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There is a new face at the helm of TH Properties Sdn Bhd (TH Properties), but he is no green horn. In fact, Zaharuddin Saidon just happens to be one of the pioneers at TH Properties.

The previous general manager for solutions creations recently took over the post of CEO from Datuk Syed Mohamed Syed Ibrahim, and told City & Country last Friday that he is making slight adjustments, or rather some fine-tuning to ensure the company will be able to respond to change effectively.

“It is a challenging and interesting time,” said Zaharuddin who planned to re-look at the processes, especially the use of technology to generate better sales for the company.

According to Zaharuddin, the preceding leaders have left TH Properties, a wholly-owned subsidiary of Lembaga Tabung Haji, on a solid platform. Syed Mohamed has since left for Saudi Arabia to helm the development of Madinah Knowledge Economic City. Zaharuddin is an engineer by profession.

“It is now time for us to leap forward,” he said, adding that he believed his young, dynamic and innovative team would play a vital role for the success of TH Properties.

Currently, TH Properties is in talks with interested parties from India and Italy for possible joint-venture (JV) projects to develop part of its over 5,000-acre (2,023-hecatre) flagship project Bandar Enstek in Nilai.

“The Indian developer also has presence in South Africa and the United Kingdom, while the Italian company is interested to introduce new designs here,” Zaharuddin said. While he was unable to reveal the identities of the parties, he said the Indian developer is one of the big players in India.

There is demand from wealthy Indians as they are interested to own a Malaysian property and therefore, will not be competing with the local market. Meanwhile, the Italian company has plans to market the properties to not only in Europe, but also in the Middle East.

Located 20 minutes from Putrajaya, Bandar Enstek is a JV with the Negri Sembilan State Development Corporation (PKNNS), with a total gross development value (GDV) of over RM9.26 billion. Slated for completion by 2020, the freehold development began in 2000.

When completed, Bandar Enstek will comprise 1,708 acres of residential area, a 528-acre medical city that includes the whole value chain of the medical and healthcare industry, 738 acres of human capital development consisting world-class academic and training institutions, a 230-acre central business district and a 784-acre knowledge-based industries including advanced manufacturing technology, biotechnology and aviation technology.

The township is attracting interest from various parties.

Recently, the Ministry of Higher Education purchased 500 acres of land to be developed into the Kuala Lumpur Education Park where local and international institutions will set up their base, including the University of London and Middlesex University from the United Kingdom.

Meanwhile, a US-based multinational company was in final talks with the federal government on acquiring 200-acres within Bandar Enstek, said Zaharuddin, adding that a decision is expected by the middle of this year.

To date, 259 acres of residential projects have been developed. Offering an unprecedented five-year defect liability period, there are four phases for the residential projects — Alamilenia@enstek, Jentayu@enstek, Cendrawasih@enstek and Timur@enstek. The total GDV for residential development within Bandar Enstek is RM2 billion.

A seven-acre show village will be launched by month-end, simultaneously along with Rimbun, part of its fourth phase, known as Timur@enstek. Rimbun consists of 111 units of 1½-storey linked homes, with standard built-up area of 2,320 sq ft and land size of 26 ft by 80 ft. The proposed selling price is from RM260,000 onwards.

“We make conscious, strategic decisions and consider ourselves as solution creators, rather than just developers. We look into the safety and social well-being of our buyers, plan and strategise on how a community should be developed,” he said, adding that having a big landbank is their strength and their focus is on the local market.

According to the developer, the majority of the buyers are from the south of Klang Valley including Subang Jaya, Putrajaya as well as Bangi.

TH Properties also has a 300-acre tract in Seremban. It has entered into a JV agreement with Seri Pajam Development Sdn Bhd last year to develop 33.6 acres of the freehold tract comprising 200 bungalows and semi-dees. The exclusive RM34 million tropical resort-style gated project is scheduled for completion by 2011. The company was also aggressively scouting for land for mixed developments in the Klang Valley.

On its plans on foreign participation, Zaharuddin said: “We have been invited to participate in a township development in Saudi Arabia but for now, we plan to focus on Bandar Enstek,” he said, adding that while TH Properties is familiar with Saudi Arabia, it has yet to decide on the invitation. It is also keen on Indonesia as it is a country with improving economy and has good potential if TH Properties can the right working partner, he added.

This entry was posted on Tuesday, April 15th, 2008 at 12:18 am and is filed under Newsclipping. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.