PETALING JAYA: Property developer Platinum Victory Holdings Sdn Bhd is looking forward to tapping on the synergy with Red Ideas Holdings Bhd, which developed the community solution platform JaGaApp (previously known as Graaab JaGaApp), after its executive director Gan Yee Hin acquired a 4.76% stake in the latter a few months ago.
According to a bourse filing, Gan emerged as a shareholder in the Leading Entrepreneur Accelerator Platform (LEAP) Market-listed Red Ideas in October 2019 after he subscribed to five million new shares in the company for a total consideration of RM4 million.
The investment, said Gan, is part of Platinum Victory’s goal to enhance its property management arm and to provide better management services to its customers going forward.
“The core value of Platinum Victory and JaGaApp is aligned — we want to help people manage their properties to ensure their property values are secured and the owners can have peace of mind. That is the major factor that connects [us],” he told EdgeProp.my recently.
Established about 20 years ago, Platinum Victory incorporated a property management arm to provide after-sale services about five years after its inception.
Currently, the property management arm is managing 15 of the developer’s projects.
“Going forward, Platinum Victory’s property management service arm will come in as a property manager equipped with the software and solutions developed by Red Ideas, such as JaGaCount, JaGaRonda and the upcoming JaGaWorks. This will enable us to offer better service to our customers while enhancing ourselves as a property management service company.
“In the future, we are also looking forward to be part of the upcoming plans that Red Ideas has in its pipeline. These plans are expected to complement our property management service very well,” he elaborated.
Among them, JaGaCount is a full-fledged accounting system designed for management bodies, and JaGaRonda is a real-time GPS security guard tracking system that allows the property manager and management body to assess the security level and performance in their compound. In addition, JaGaWorks, which is expected to be launched in the second half of 2020, is a workflow management system that streamlines the daily tasks and communications and helps the management body to monitor the performance of its property manager.
Meanwhile, Red Ideas co-founders and executive directors Ignatius Ho and David Foo said working closely with Platinum Victory will allow Red Ideas to gain insights into the nitty gritty details of property management, which will help them to develop better products in the future.
“Platinum Victory has a lot of projects, especially in Setapak where it forms very good communities in both commercial and residential components. There are many ways we can improve people’s lives and we are working on that based on input from the property developer,” Foo enthused.
Ho pointed out that 2020 is going to be a very interesting year for Red Ideas as JaGa Solution — an all-in-one solution platform that offers JaGaApp, JaGaCount, JaGaRonda, JaGaWorks and JaGaCard under one roof — is planned to be launched soon.
“We are now more complete than we have ever been. Besides completing the full integration of our products under the JaGa Solution platform, we are targeting to amplify the market reach of our products and increase our revenue and average selling prices for our products, which would greatly help the financial performance of the company,” Foo noted.