KUALA LUMPUR (March 15): Platinum Victory will be unveiling its first project in Old Klang Road, Kuala Lumpur called Platinum Arena with an estimated gross development value (GDV) of RM421 million, within the second quarter of this year.
Platinum Victory Holdings Sdn Bhd executive director Gan Yee Hin told EdgeProp.my that the 2.9-acre leasehold development will offer 728 units of serviced apartments housed in two 36-storey blocks; and 36 shopoffices housed within two floors.
The serviced apartments have built-ups ranging between 650 sq ft and 1,008 sq ft, with average selling price of RM620 psf. The piling works started early this year and the project will take about three years to complete.
“Build-before-sell has been our strategy since day one. It shows that we are confident with our projects,” Yee Hin emphasised.
Meanwhile, Gary Gan who is also an executive director of the company, is confident that Platinum Arena units will be sold within six months of the project’s launch.
“Old Klang Road is a mature area with a growing population of young families and people who work in Kuala Lumpur city. Many from the neighbouring residential areas such as Taman Sri Sentosa are also looking for new homes with modern features,” he added.
On the project’s design concept, Yee Hin said the main planning direction was based on a sports theme as the tract is located adjacent to the Sports Arena Sentosa.
“Hence we named the development [Platinum] Arena. The two blocks carry the names of world famous sportsmen — Armstrong (former American road racing cyclist Lance Edward Armstrong) and Boris (German tennis star Boris Becker).
The overall design of the building and facilities follow the sports theme which aims to encourage residents to have more outdoor activities and adopt a healthy lifestyle, Yee Hin noted.
Among the facilities at Platinum Arena is a basketball court, swimming pool, gymnasium, playground, yoga deck, canopy walk, jogging track, viewing deck and a sky lounge.
At the end of December last year, the developer had soft-launched Residensi Platinum Teratai. The 3-acre freehold condominium project at Jalan Langkawi, Setapak, Kuala Lumpur has a GDV of RM374 million. It offers 800 units of 928 sq ft. Almost 80% were sold within a month.
Most of the buyers were first-time homebuyers purchasing for their own-stay, said Gary.
“This project is now 90% completed, which means buyers are able to see what they are buying. This is also the biggest advantage of our ‘build first, sell later’ strategy. People are more willing to buy a property nearing completion as this could save them loan interest during construction period,” he added.
The company also plans to roll out PV9 in Setapak in the second half of this year. Located within walking distance to the Tunku Abdul Rahman College and Taman Melati LRT station, the 5.5-acre development will offer around 1,300 units housed in three blocks with unit built-ups ranging between 1,000 sq ft and 3,000 sq ft.
“One of the blocks will be a RUMAWIP project while the others will be condominium units with an estimated selling price starting from RM560,000,” said Gary.
Platinum Victory has developed 26 projects across the Klang Valley with a strong presence in Setapak, KL.