in the last 3 months i have purchased a lot in the new phase 3 development project by Platinum victory in the Danau platinum lake city. started in 2005 phase 1 and the platinum walk is completed and sold off to people.
in progress is the platinum Mandrin, a Parkson megamall a tesco and 2 more housing phases.
i purchased the unit at rm252000 and its selling price now is about rm272000. as i am just a fresh grad i am currently earning around 3.5k a month and i have saved up to 25k in the bank.
but with the recent recession and talks that the BLR will increase to 12% scares me to cancel my booking of the lot.
Plus the increase in steel, cement and Fuel will further give doubt that platinum victory development will ever get to finish the project and will face financial dilema's. and also the controversy surrounding the piece of land that was given instant approval from DBKL will raise eye brows and the MP of wangsa maju mr Wee Choo Keong is currently looking into the matter.
this might mean that when completed in 2011 the CF might not even be approved and i am stuck with a home that i cannot live in.
any advice ?? should i drop the purchase or do i still continue with it because the estimate resale value when the entire lake city is completed will be rm300k-400k for my unit.
and every project by platinum victory has a good track record of its property appreciating 50-60% in a short ammount of time (pv5 from 170k 3 yrs back to 300k now)
Platinum victory development, Questions questions