Platinum Victory plans RM2b launches

KUALA LUMPUR (March 9): Unfazed by the current market slowdown, Platinum Victory Development Sdn Bhd is lining up some RM2 billion worth of new property launches this year and is confident that the property market will pick up soon.

With its focus on meeting the mass homebuyers’ demands, the developer will be looking to launch at least four projects in the Klang Valley in 2018, including Platinum OUG at Bukit OUG, PV9 Melati at Taman Melati and Platinum Arena at Old Klang Road.

“We are at the right place at the moment as we can see many developers fine-tuning their projects to cater to the affordable price range.

“As long as we give the right product at the right pricing by catering to the market needs, we will be fine,” said Platinum Victory director Gary Gan.

The recent launch of PV18 Residence in Setapak on March 3 has seen 50% of the units taken up so far. The developer expects the project to be sold out in six months’ time, Gan told EdgeProp.my.

With a GDV of RM590 million, PV18 Residence is a 5.56-acre leasehold condominium project with 852 units housed in two 40-storey blocks. The units have built-ups of between 1,021 sq ft and 1,219 sq ft with prices from RM473,000.

Next month, the developer is looking to launch Platinum OUG at Bukit OUG with a GDV of about RM441 million. The 5.48-acre leasehold project will comprise 440 residential units in a single tower.

“The units will have quite large built-ups of 1,250 sq ft. Prices will be around RM500,000 and above. Like PV18 Residence, Platinum OUG will also have dual-key units.

“Owners can rent out the additional space, as seen at PV18 Residence in Setapak where the rental market is really strong.

“Platinum OUG is near the Muhibbah LRT (Light Rail Transit) Station, it is convenient for people to travel to work especially those from out of state who are working and living in the city,” said Gan.

“Bukit OUG is a mature area where facilities and amenities are abundant. We are targeting investors as well as upgraders from the vicinity,” said Platinum Victory senior manager for branding and marketing Vincent Seow.

In the third and fourth quarter of 2018, Platinum Victory plans to launch PV9 Melati at Taman Melati and Platinum Arena at Old Klang Road. The pricing for both projects have not been finalised but they will be “reasonably priced”, offered Seow.

PV9 Melati is on a 5.57-acre leasehold site within walking distance to the Taman Melati Utama LRT Station. It will comprise 953 condo units housed over two 34-storey blocks, with built-ups of between 1,000 sq ft and 1,300 sq ft. The estimated GDV is RM717 million.

Meanwhile, with a GDV of RM314 million, the 2.28-acre leasehold Platinum Arena at Old Klang Road will offer 728 condo units and 36 shoplots in a 37-storey tower.

“Platinum Arena will be aimed at a higher middle-class audience. Having said that, our pricing always caters to the mass market. The slowdown in the property market didn’t really affect us because our buyers know us very well.

“Our buyers are a balance between investors and owner-occupiers. Since our first project Pelangi Condominium in Sentul in 2002, we have gathered some loyal customers.

“To date, we have sold about 6,000 to 7,000 homes across Kuala Lumpur and over 90% of our properties are managed by us,” Gan said.

“Other players are coming into this [Setapak] area, meaning that we have been doing things right and are on the right track. We don’t just build — we manage as well. This has been our home ground for a very long time and we are here to stay,” he added, referring to the developer’s numerous non-landed residential projects in Setapak.

Meanwhile, Platinum Victory’s first venture into luxury property development, The Face in Kuala Lumpur city’s Jalan Sultan Ismail, has seen 90% of phase 1 sold, with phase 2 slated for launch in 2H18. The mixed development has an overall GDV of RM2.5 billion.

The developer’s current undeveloped landbank in Kuala Lumpur is about 80 acres.

This story first appeared in EdgeProp.my pullout on March 9, 2018. Download EdgeProp.my pullout here for free.