The pilgrim fund’s Chairman Abdul Azeez Rahim said TH’s subisidary company, TH Properties, will be tasked to build apartments on the land.

“The land’s previous value was RM177.5 million, but now it’s RM250 million. When we took the matter to Parliament, not only Barisan Nasional lawmakers, but the opposition too, proposed the land not be sold as it’s valuable.

“TH Properties will build apartments at the plot of land. The value of the TRX land was RM2,700 per square foot and now it has increased to RM3,100 per square foot,” he said, adding that the Gross Development Value (GDV) of the land was an estimated RM820 million.

Last year, TH courted controversy when it purchased a 0.64ha land in TRX for RM188 million from 1MDB to develop a residential tower. The purchase value was 43 times the price 1MDB had paid to buy the plot from the federal government five years ago.