The ongoing Platinum Victory Face Project that fronts Jalan Sultan Ismail in Kuala Lumpur marks Platinum Victory Sdn Bhd’s first foray into high-end development in the heart of the city.
Incorporated in 2000, Platinum Victory has been developing medium-cost projects, mainly condominiums in Setapak, Kuala Lumpur. Its first such project — Pelangi Condominium in Sentul, Kuala Lumpur — was developed by Inner Glamour Sdn Bhd and completed in 2000.
Inner Glamour is part of the Platinum Victory group of companies that has common shareholders and directors. The group has so far completed 4,500 condos, shops and office suites with a combined gross development value (GDV) of RM3.5 billion. This includes the 30-acre Taman Melati in Setapak by Platinum Victory.
The founders of Platinum Victory — managing director Gan Yu Chai and his business partner Alex Tan — hail from Muar, Johor. They started out in KL by supplying building materials from a factory in Muar, but saw an opportunity to develop their own project during the 1997/98 Asian financial crisis.
“We bought a piece of land in Sentul and built Pelangi Condominium. Sometimes, it is during an economic crisis that there are good opportunities [for new developments],” remarks Gan.
Their current development — the Platinum Victory Face Project with a GDV of about RM2.5 billion — comprises three phases. The first offers 733 small office/home office (SoHo) units in a 51-storey block. These were soft-launched in November last year and have seen a take-up rate of 80% to 90%. The SoHos, also known as Platinum Suites, have built-ups of 850 to 1,500 sq ft and come fully furnished. They are priced from RM1.2 million or an average of RM1,500 psf.
“Our pricing is competitive compared with that of nearby developments because our units are fully furnished. This is more convenient for our purchasers and there is no need for renovations unlike in the case of typical empty units. Our purchasers can rest assured that the units are in move-in condition,” Platinum Victory director Tan Ay Yong tells City & Country.
“Our design concept is based on minimalism to create a unique living environment, encompassing innovative design and materials of the highest quality. Among the features are 3m-high ceilings, imported marble flooring, comfortable beds, luxury European branded fittings and appliances. Every detail, every square foot of space has been considered to personify the principles of fine living.”
The five-acre freehold site on which the project sits is a combination of several tracts that the developer acquired about two years ago for an undisclosed amount. “The first tract was V-shaped, so we acquired the surrounding tracts. I believe this is the last tract of undeveloped land [of such a size] left in Jalan Sultan Ismail.
“We are also a few minutes’ walk from the monorail and LRT station, which are added attractions to our buyers,” says Tan, adding that Platinum Suites are ideal for a small office or a private residence as they come with a SoHo commercial title.
The second phase of the development is slated to be serviced apartments in a 51-storey block. Despite the recent uncertainties in the global economy, Gan is optimistic about the Malaysian real estate market this year and hopes to launch the second phase in 3Q2012 with indicative prices starting from RM1,650 psf.
The third phase will also be a 51-storey tower housing corporate offices and a hotel, both of which will be kept by the developer.
“We are looking at offering a five-star boutique hotel with about 300 rooms and maybe have an international hotel management company manage it,” Gan says.
Platinum Victory Face Project is only minutes away from the Kuala Lumpur city centre. “The location is prime and attractive. It is one of the finest addresses in the city with easy connectivity via the LRT, monorail and major expressways. The Dang Wangi LRT and Bukit Nanas monorail stations are a few minutes’ walk away,” Gan says.
In the immediate vicinity are high-end residences, five-star hotels, retail shopping complexes, corporate offices and entertainment precincts, such as the KLCC, the Golden Triangle, which includes the high-end Pavilion Kuala Lumpur mall, and the bustling Bukit Bintang area that offers a vibrant nightlife, Gan observes. Coming up nearby is Sunrise Bhd’s Summer Suites.
When asked how the name of the development came about, Tan says: “We were looking for an iconic project name and logo that was easy to pronounce, easy to remember and intriguing. Face promotes a sense of camaraderie and community kinship. The project has features and facilities that encourage social interaction among residents, such as an urban park and a sky lounge. It has a whimsical side while rendering a ‘prestigious’ status to owners and investors.”
Platinum Victory Face Project is expected to be completed in 2017.
Good management the key
“We started out with a 12-storey condominium and then 20 storeys and now, 51 storeys. Building condominiums is one thing, managing them another,” says Gan, referring to the lessons learnt.
“We manage all our properties, so we are a very hands-on developer. In fact, our properties have enjoyed capital appreciation through the years. For example, our PV8 units in Taman Melati, with built-ups of 1,550 sq ft and which we sold for RM250,000 in 2008, changed hands at more than RM500,000 on the secondary market last year (upon completion). It is important that we follow through and manage the building on our own.”
Gan also cites the company’s 140-acre mixed-use development Setapak Lake City — with a GDV of at least RM4 billion — that was launched eight years ago and is currently 50% developed. The apartments, which were sold by the developer for RM150,000, are now going for RM380,000 on the secondary market.
The developer still has undeveloped landbank of about 50 acres in Taman Danau Kota in Setapak and plans to continue to focus on high-rises.
Besides the launch of Phase 2 of Platinum Victory Face Project, the developer plans to launch a medium-cost condominium next to Pelangi Condominium in Sentul in the middle of the year at indicative prices of RM350,000 to RM500,000.
Next year, the developer intends to launch a high-end condominium in Ampang, next to the Flamingo Hotel.
“We prefer to focus on just a few developments at a time as we get pretty involved in our projects,” says Gan.
This article appeared in City & Country, the property pullout of The Edge Malaysia, Issue 896, Feb 6-12, 2012
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