Minister: Tabung Haji TRX land too good to sell

The land purchased by Tabung Haji at the Tun Razak Exchange (TRX) is too good an investment to sell, said Minister in the Prime Minister's Department Jamil Khir Baharom.

This is because Tabung Haji got the land for a good price, and stands to earn a sizeable profit developing it.

"The land at TRX has high value in terms of integrated development, strategic location and return on investments," Jamil Khir said in a written parliamentary reply recently.

He cited news reports that Tabung Haji acquired the 1.56 acres of land for just RM2,773 per square foot (psf), compared with others who paid between RM3,000psf and RM4,500psf for it.

The expected profits is estimated at RM177.5 million, Jamil Khir said.

He was responding to a written parliamentary question from Nasrudin Hassan (PAS Temerloh) on why Tabung Haji had delayed selling the TRX land.

The answer was given on the last day of the Parliament sitting, on Dec 3.

Earlier, in May, Tabung Haji had been advised by Prime Minister Najib Abdul Razak to sell off the TRX property after public backlash over the purchase.

Most of the public outcry was over the allegedly inflated price Tabung Haji paid, as 1MDB had purchased the land from the government at just RM64psf in 2011. -Mkini