Platinum Victory offers unique concept

PETALING JAYA: Setapak-based property developer Platinum Victory Sdn Bhd will be offering special, limited terraced units on a condominium podium at the latest phase of its Setapak Lake City project. Currently, the development only consists of condominium units and shop lots.

Its marketing manager Gary Gan (pix) says this first-of-its-kind product was introduced based on feedback from customers who are interested in landed properties in the area, which are very
limited and quite costly due to high land prices.



“There will be eight units available for sale, which will be constructed on the fourth floor podium of the condominiums, where all the facilities like the clubhouse, swimming pool, and gymnasium are located,” he told theSun.

He added that the terraced units would be priced from RM600,000 and the developer intends to complete them before selling them. “We want to show potential buyers exactly what we are offering with the completed units,” he said.

The 7-acre Phase 3 of Setapak Lake City comprises 970 condo units, priced at RM216,000 onwards, with built-ups ranging from 1,313 sq ft for the smallest units to 3,500 sq ft for the
penthouses. The units will have the new added feature of two living rooms, incorporated also based on feedback from customers.

Gan said the first block, consisting of 485 units is open for registration and about 200 units have been taken up. To be officially launched in March 2008, it is targeted to be ready by 2010 with a gross development value of RM200 million.

“Despite the increase in construction costs, our units are still affordable compared to similar developments in the area. We are offering bigger units with only a slight increase in the price,” he added. For comparison, Phase 1 has units with built-ups of 1,272 sq ft priced from RM175,000 while Phase 2 units, priced at RM200,000 onwards, have built-ups of 1,303 sq ft.

Setapak Lake City is a 140-acre leasehold mixed development project comprising high-rise residential blocks, shoplots and a 3-storey shopping centre. The development is expected to be fully completed by 2017 with a GDV of RM2 billion.

Meanwhile, Platinum Victory’s 32-acre freehold Taman Melati Utama project nearby is close to completion with only one more phase (PV 2) to be launched next year, consisting of high-end condominiums and shop lots. Its latest phase, PV 8, has already sold 60% to 70% of the 600 units since its launch in March. The units have built-ups ranging between 1,500 sq ft and 1,800 sq ft, priced at RM300,000 onwards.

Gan said the profile of the buyers in both developments consist mainly of young couples and expatriates, possibly due to the strategic location and good accessibility. They are minutes away from Kuala Lumpur’s city centre via Jalan Genting Klang - Jalan Tun Razak, and connected to Ampang and Petaling Jaya via the Middle Ring Road 2 (MRR2).

“Despite the difference in the tenure of the land, both projects are equally wellreceived as the location and pricing are more important factors to consider,” he said, adding that the group aims to launch and sell at least 1,000 units a year.

By theSun (by Yap Yew Jin)