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> Platinum victory development, Questions questions

selenium
post Jun 19 2008, 12:07 AM


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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)



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bbjslee
post Jun 19 2008, 01:45 AM


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You've registered or have actually signed the S&P contract?
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selenium
post Jun 19 2008, 11:12 AM


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havent sign the s&p yet.

i just did the booking only
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alanyuppie
post Jun 19 2008, 11:38 AM


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TS, the thread below might help you decide:

http://forum.lowyat.net/index.php?showtopi...671&hl=platinum

scroll down to see forumers' favorite and least favorite developers =)
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noproblem
post Jun 19 2008, 02:41 PM


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QUOTE(alanyuppie @ Jun 19 2008, 11:38 AM)
TS, the thread below might help you decide:

http://forum.lowyat.net/index.php?showtopi...671&hl=platinum

scroll down to see forumers' favorite and least favorite developers =)
*
QUOTE

@jcvstlys

My top 5 picks would be :

1. Sunrise - Delivers supreme end product, excellent customer support and maintenance but for a premium.

2. IJM - Deliver good end product at reasonable pricing.

3. Mutiara Johan - Unknown developer hence pricing is cheap, delivers much better than expected end product, and protects their early buyers.

4. YTL - Excellent facade, good 'wow' factor protect early buyers, but workmanship is rather poor while commanding hefty pricing.

5. Developer for Casa Indah 1. Thought the finishing was brilliant despite relatively cheap price tag (180k++ only).


My shit list

1. Talam - Need to say more?

2. Mayland - Often deliver their product late and seriously poor workmanship in many of their projects.

3. Dataran MAntin / Platinum Victory developer - The biggest con job in Malaysia.
Pai didn't elaborate... maybe you can?
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selenium
post Jun 19 2008, 05:53 PM


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i know about the that thread and i think the fella with fernandes avatar is just pissed because everyone who bought a platinum victory property is very happy with what they get and they get about almost 100% resale value.

my main concern is that the area that it is currently developing in has a lot of controversies around it and even the wangsa maju MP YB Wee Choo Keong is trying to dig out why did DBKL approve the land so easily for Platinum victory to develop on. Plus the many housing projects in wangsa maju would make it too congested. and the existing infrastructure will not be able to support its growth.
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Pai
post Jun 19 2008, 05:59 PM


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noprob,

If I recall correctly, this Platinum Victory and Dataran Mantin is the same developer. Judge yourself smile.gif
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tzeyin
post Jun 19 2008, 06:07 PM


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it's over priced, if around 200K still acceptable , but u ddn't mention the size and facilities n strata status.

if u really wanted a condo there, y not prima setapak which u can get at 230K subsale or lower, food n market just around the corner. or else plaza prima setapak, but leasehold. other wise, wangsamaju metro view?
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selenium
post Jun 19 2008, 10:13 PM


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went to wangsa metroview didnt like the place. cause the only available units are facing the mosque.

Plaza prima dont like it cause left and right very jammed.

same goes for prima setapak 1 and 2

melati utama damn overpriced if it was 5-10 yrs ago might consider it.

so now stuck with the danau lake city. quite ok la the place..

but there is another place in melawati called 3resident by sime darby. sure expensive gila one

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eurayle
post Jun 19 2008, 11:04 PM


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QUOTE(Pai @ Jun 19 2008, 05:59 PM)
noprob,

If I recall correctly, this Platinum Victory and Dataran Mantin is the same developer. Judge yourself smile.gif
*
I think it's Platinum Damansara that you're thinking of?
I couldn't find anything from the internet that relates Platinum Victory to Dataran Mantin or the Kumpulan Langkawi Resources Group (KLRG).
Either Platinum Victory is a separate developer not related to KLRG, or KLRG is covering it up intentionally.

But the 'Platinum' name is now smeared, no thanks to Platinum Damansara & Dataran Mantin.
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tzeyin
post Jun 19 2008, 11:53 PM


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QUOTE(selenium @ Jun 19 2008, 11:13 PM)
went to wangsa metroview didnt like the place. cause the only available units are facing the mosque.

Plaza prima dont like it cause left and right very jammed.

same goes for prima setapak 1 and 2

melati utama damn overpriced if it was 5-10 yrs ago might consider it.

so now stuck with the danau lake city. quite ok la the place..

but there is another place in melawati called 3resident by sime darby. sure expensive gila one
*
i tot same road leading to danau still jam.


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selenium
post Jun 20 2008, 02:24 PM


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QUOTE(tzeyin @ Jun 19 2008, 11:53 PM)
i tot same road leading to danau still jam.
*
jammed gila la but what to do. cheapest housing project that is quite ok and with good future investment is phase 3 of the platinum victory already. aih.... i saw the prima setapak 2 and its like so damn ulu.... dont like it at all.
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yewkhuay
post Jun 20 2008, 06:05 PM


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QUOTE(selenium @ Jun 20 2008, 02:24 PM)
jammed gila la but what to do. cheapest housing project that is quite ok and with good future investment is phase 3 of the platinum victory already. aih.... i saw the prima setapak 2 and its like so damn ulu.... dont like it at all.
*
ulu ? u havent seen casa idaman, have u ?
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selenium
post Jun 20 2008, 08:51 PM


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dude rm270k for an ulu place prima setapak 2 i would think twice before buying. the roads are OMFG and the outside link road is also OMFG. neways maybe they will expand the outside road or a new link be made to other access roads., but i did not like prima setapak 2.

but this is only my opinion. sorry if i offend anyone hahahaha
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Lost&Found
post Jun 21 2008, 12:18 AM


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I have booked one unit as well.... and now I am confused---- Dataran Mantin is not Platinum Victory right?

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Pai
post Jun 21 2008, 02:19 AM


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QUOTE(eurayle @ Jun 19 2008, 11:04 PM)
I think it's Platinum Damansara that you're thinking of?
I couldn't find anything from the internet that relates Platinum Victory to Dataran Mantin or the Kumpulan Langkawi Resources Group (KLRG).
Either Platinum Victory is a separate developer not related to KLRG, or KLRG is covering it up intentionally.

But the 'Platinum' name is now smeared, no thanks to Platinum Damansara & Dataran Mantin.
*
Someone told me previosuly that both are actually the same company,and this was 2 years back. Of coz im talking about a reliable source here.

Mebbe can check if DM, KLRG, and PV all has same director?

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eurayle
post Jun 21 2008, 09:44 AM


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QUOTE(Pai @ Jun 21 2008, 02:19 AM)
Someone told me previosuly that both are actually the same company,and this was 2 years back. Of coz im talking about a reliable source here.

Mebbe can check if DM, KLRG, and PV all has same director?
*
I can find the list of directors for Platinum Victory from here:
http://web.kpkt.gov.my/idaman/Carian/CROC.cfm
Search using PV's BRN: 667588-X

But I couldn't find anything about Dataran Mantin from there?? Why???
The only place that I found, which mention about the people in charge of DM:
http://lagendagroup.wordpress.com/2007/03/...dataran-mantin/

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Pai
post Jun 21 2008, 12:21 PM


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QUOTE(eurayle @ Jun 21 2008, 09:44 AM)
I can find the list of directors for Platinum Victory from here:
http://web.kpkt.gov.my/idaman/Carian/CROC.cfm
Search using PV's BRN: 667588-X

But I couldn't find anything about Dataran Mantin from there??  Why???
The only place that I found, which mention about the people in charge of DM:
http://lagendagroup.wordpress.com/2007/03/...dataran-mantin/
*
Dunno lah, mebbe I recalled the wrong developer tongue.gif .

Anyway, buyer beware. During trying times like now, it does help to be a bit more cautious, especially with small developers.
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selenium
post Jun 21 2008, 08:08 PM


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hmm most of their projects were excellent but then it wont hurt to be extra cautious.... neways that plot of land has some dispute with the govt where the approval for the development by DBKL was questionable and as YB wee choo keong said that wangsa maju's infrastructure could not hold anymore residence.

Scared they ciomplete the project then CF is not issued. habis l;a.
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noproblem
post Jun 21 2008, 09:46 PM


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I worked for Dataran Mantin IT subsidiary b4... it was 7 years back.... 4-5 months... very bored as IT supporter...
So far I know there are 2 main bosses there... MR.Yong and another guy (forgot the name)... but Platinum Victory boss is Mr.Gan right?
Hahahaha... yaya... Pai you put dataran mantin and platinum victory together really scared me... I know dataran mantin... ^^
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