Platinum Victory Sdn Bhd plans to launch mixed-use development J.Satine in Setapak, Kuala Lumpur, by June or July. The project, which is a joint venture with textile wholesaler and retailer Jakel Group, will comprise 3,600 units of affordable housing with a total gross development value (GDV) of RM1.08 billion.
Located on a 9.19-acre leasehold tract along Jalan Kilang Tiga (near Puspakom Wangsa Maju and Pro One Badminton Centre) in Setapak, earthworks for the project started earlier this year. J.Satine’s apartment units will have built-ups of 800 sq ft with prices starting from RM300,000.
Along with J.Satine, the developer also plans to launch other affordably priced projects in Kuala Lumpur and the Klang Valley at a total GDV of RM1.3 billion.
Platinum Victory executive director Gan Yee Hin said in a press release: “The market for new home ownership, especially among millennials, young families and new house buyers, continues to grow steadily and drive demand for affordable housing here. As a property developer with a reputable track record, we want to continue to meet the demand for good quality homes in prime locations.”
One of the affordably priced projects, Vista Saujana in Kuala Lumpur, was unveiled on April 3. It has a GDV of RM60 million and will make available 203 units of affordable housing under the government’s Residensi Wilayah programme. Located along Jalan Langkawi and Jalan Danau Kota in Taman Setapak, Vista Saujana’s units will have built-ups of 810 sq ft with prices starting from RM300,000.
Other projects to be launched by 4Q2021 include Platinum Casa Danau (apartments) and commercial developments The Ark by Platinum in Setapak and Vista Dedanau in the Klang Valley. Details for the latter projects have yet to be finalised.
Meanwhile, three residential projects with a GDV of RM1.228 billion launched last year each fetched a take-up rate of 90%, with a conversion rate of 50%. Vista Sentul Residences, built on a 2.38-acre site in Sentul, has a GDV of RM308 million. Vista Danau Kota Residensi Wilayah in Setapak, sits on a 3.721-acre site. The single-block development comprises 910 units priced at RM300,000. MH Platinum 2 Residences, also in Setapak, occupies 4.72 acres.