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Platinum Victory's upcoming Vista Sentul to bank on affordability

KUALA LUMPUR: For property developer Platinum Victory Group’s upcoming project Vista Sentul, the target segment would be first-time homebuyers. With a development area of 2.38 acres, the freehold high-rise apartment project is located at Jalan Sentul, adjacent to Jalan Ipoh and close to Chong Hwa Independent High School (450m) in Kuala Lumpur. 

“We are also targeting investors as they can rent out the units to students especially those from Chong Hwa, with its international students and local ones from other states seeking to rent nearby the school,” Platinum Victory executive director Gan Yee Hin told EdgeProp.my.

Vista Sentul comprises two blocks housing a total of 705 units and is expected to be launched sometime in 3Q2020. Pricing will start from RM329,800 with built-ups ranging from 689 sq ft to 1,216 sq ft. Meanwhile, maintenance fee is expected to be at RM0.35 psf.

Facilities include a surau, swimming pool, multipurpose hall, gym and convenience store. Vista Sentul is close to amenities such as Sentul Medical Centre, Sentul Timur LRT station and several other schools (SK Sentul 2, Chi Man Chinese Primary School, Convent Sentul Secondary School among others).

Despite sporting the Vista nameplate, the development is not part of Platinum Victory’s Vista Essential Homes category of homes per se. “We use the Vista branding due to the selling price of most units [in Vista Sentul] being as affordable and competitive as those of  Vista Essential Homes,” shared Gan.

He explained that the Vista Essential Homes ties back to affordable housing schemes such as Residensi Wilaya (RUMAWIP) or Rumah Selangorku which impose certain prerequisites (income bracket, first-time homebuyers only and more).

“Vista Sentul is not bounded by these requirements; hence most people will be able to buy. Consider it somewhat an outlier in the Vista Essential Homes category,” said Gan.

“Within this price range, there are not many choices in the area except some premium ones by other developers. Response has been good, with many enquiries coming from the locals staying in Sentul,” he said.

And it all boils down to affordability. Gan who has seen a surge of interest for affordable homes post Movement Control Order (MCO) period, especially after the announcement of the 2020 Home Ownership Campaign, believes this project will meet buyers’ needs and wants.

“More people are looking for new homes at affordable prices, especially first-time homebuyers and millennials in the workforce. This is what they need at the moment. The demand is there. Some developers may provide a higher range of products with more facilities.

“In the long run, we have to think about affordability. For us, we are doing something practical and yet be able to cater to the needs of homebuyers. We are still providing you the necessary facilities, but not in excess,” said Gan, adding that Vista Sentul will be managed by an in-house property management company. 

As for the higher-end market, the developer is not venturing into that territory for the time being. “We do have something down the pipeline. Planning wise, we are at the tail-end. However, it is not what we will be focusing on given the current situation. For the masses, they are just emerging from the MCO, looking for a bargain. Perhaps if timing permits, hopefully next year, we shall see,” offers Gan.

Meanwhile, Platinum Victory has recently launched its Vista Danau Kota affordable housing project under its Vista Essential Homes product range. The project, which is a part of the Affordable Housing Scheme, Residensi Wilayah (also known as RUMAWIP) is in Setapak, Kuala Lumpur.

Vista Danau Kota is a one-block development comprising 910 units priced at RM300,000 each.

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This story first appeared in the EdgeProp.my e-Pub on July 10, 2020. You can access back issues here.

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