Venturing out of old stomping grounds

This article first appeared in City & Country, The Edge Malaysia Weekly, on June 25, 2018 - July 01, 2018.

An artist’s impression of PV18 Residence

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Platinum Victory Holdings Sdn Bhd started off with various developments in Setapak and Sentul. But some years ago, it stepped out of its comfort zone to launch a high-end hotel development, known as FACE Platinum Suites, in Jalan Sultan Ismail, Kuala Lumpur, that targeted international buyers.

FACE Platinum Suites has since been completed and the developer has returned to its roots in Setapak and Sentul. Nevertheless, it continues to harbour ambitions to venture out of its traditional stomping grounds, and has done just that this year.

Targeting local buyers, Platinum Victory launched Platinum OUG Residence in Bukit Jalil on June 9. Platinum Arena in Jalan Kelang Lama will be launched in 4Q.

These two developments are among the four that were planned for launch this year. The other two are PV18 Residence and PV9 Residence in Setapak. PV18 Residence was launched in 1Q, offering a total of 1,250 serviced apartments and Federal Territories affordable housing (Rumawip) units. Some 90% of these homes have since been sold.

PV9 Residence, meanwhile, will be launched in the next quarter.

Platinum Victory’s four launches for the year have a total gross development value (GDV) of more than RM2 billion.

 

Out of its comfort zone

According to executive director Gan Yee Hin, the planned launches in Bukit Jalil and Jalan Kelang Lama also mean that Platinum Victory will be expanding its target market beyond Setapak and Sentul. In addition, the developer is looking to strengthen its marketing strategy so that more buyers will know its name.

“Previously, our projects were all in Setapak, so they were sold by word of mouth or to existing customers. This year, we have two projects out of Setapak whose target markets are also different. So we are trying to increase our exposure to the market,” Gan explains.

“As our target markets are expanding, our company’s strategy is also expanding so that more people will get to know us. We can no longer confine our target market to Setapak but reach out to new potential customers when we launch our products.”

To boost buyer confidence in Platinum Victory, that it is not new to the game, the developer is building its brand, sharing its background and past projects.

Gan notes that as a developer, it is just a matter of time before Platinum Victory expands to other locations in the Klang Valley, even though it still has more than 80 acres of land bank in Setapak. It is, then, important to create more brand awareness among the public.

“We want to share with the people what we have done in the past decades, who we are and what we have been doing. We are not a new player; it is just that we have mainly been developing in Setapak,” he explains. “We want to capture market sentiment, let people know who we are and what we do. It is also to remind people of when they used to live here, especially as students … those are the more sentimental kind where they feel like balik kampung.”

The developer currently has more than 20 completed and ongoing projects to its name.

 

New launches

The first launch for the year was the 5.5-acre PV18 Residence in Jalan Langkawi, Wangsa Maju. With a GDV of RM590 million, the development offers a total of 852 serviced apartments in Blocks A and B, and 398 Rumawip units in Block C. The serviced apartments are 1,021 and 1,219 sq ft in size while the Rumawip units are 926 sq ft each.

Facilities for Blocks A and B include a meeting room, gymnasium, swimming pool, changing rooms and shops while Block C also enjoys a nursery, kindergarten and surau.

Platinum Victory director Gary Gan notes that the company’s latest launch was Platinum OUG Residence (GDV: RM441 million), which was unveiled on June 9. The development consists of 1Malaysia Civil Servant Housing Project (PPA1M), Rumawip and condominium units.

Occupying 5.48 acres of leasehold land, Platinum OUG Residence offers some 1,320 units in two blocks — 660 PPA1M units measuring 1,000 to 1,500 sq ft in Block A and 220 Rumawip units and 440 condos with built-ups of 850 to 1,250 sq ft in Block B.

The condominium units are selling from RM557,000, and some 80% have been taken up.

Gary says the facilities include shoplots, a surau, clinic, nursery, kindergarten and playground. Block B will also have a multipurpose hall, gymnasium, swimming pool, wading pool, café and reading room.

The third launch of the year will be the 5.57-acre PV9 Residence in Taman Melati, Setapak, which will offer 953 medium-cost residential units measuring 1,000 to 1,300 sq ft in two blocks. There is also a Rumawip component called Vista Wirajaya 2, which will have 438 units.

This project has a GDV of RM717 million and its facilities include shops, a meeting room, gymnasium and swimming pool. The facilities for the 850 sq ft Rumawip units include a multipurpose hall and laundry room.

The RM314 million Platinum Arena in Jalan Kelang Lama will be the last launch of the year. Occupying 2.28 acres of leasehold land, it offers 728 condos in a 37-storey block and 36 shopoffices.