ROSMAH'S CHOICE TRUMPETS: Sale of 1MDB still not finalized but buyer 'identified', ‘small profit’ expected - TH chief Azeez

KUALA LUMPUR - Lembaga Tabung Haji confirmed today that it has identified a buyer for its plot of land in the Tun Razak Exchange (TRX) and that the sale will earn the fund a “small profit”.

Its chairman Datuk Seri Abdul Azeez Abdul Rahim would not reveal further details on the sale, however, merely saying that the agreement has yet to be finalised.

“The sales and purchase of the land is in the process of being finalised. We have decided to sell, with a small profit, not at a loss.

“We will inform soon when it is finalised,” he told reporters after presenting two Proton Preves to the 58th National Level Al-Quran Reading Champions.

LTH deputy group managing director and deputy chief executive officer Datuk Johan Abdullah, who is also 1 Malaysia Development Berhad (1MDB) subsidiary Edra Global chairman, was also at the function but did not speak to the media.

On May 9, Abdul Azeez announced that LTH will sell the RM188.5 million plot of land bought from 1MDB just a month before, by the following week.

Datuk Seri Abdul Azeez Abdul Rahim

Abdul Azeez said then that LTH had been advised to do so by Prime Minister Datuk Seri Najib Razak, who also chairs 1MDB’s advisory board.

Abdul Azeez had said the sale will generate at least RM5 million in profit for LTH.

It was previously reported that LTH had bought the 1.56 acre land plot in TRX to develop a luxury condominium as part of its property investment.

The plot was expected to net LTH an annual return of 9 per cent and a total profit of RM177.5 million in three years.

Umno MP for Baling Abdul Azeez was reportedly picked by PM Najib's controversial wife Rosmah Mansor to the Tabung Haji top job

The purchase was, however, criticised by many from both sides of the political divide, with former Prime Minister Tun Dr Mahathir Mohamad suggesting that the land deal be cancelled.

The Tun Razak Exchange, planned as a 70-acre financial centre within the capital, is one of two high-profile property projects in 1MDB’s portfolio. - Malay Mail