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Monday, January 28, 2008

Platinum Park to push TTDI into big league

World-class development will help brighten local property sector

TTDI Development Sdn Bhd's newly launched Platinum Park, a world-class RM3.5bil high-end integrated residential and commercial development in Kuala Lumpur's Golden Triangle, has catapulted the company into the big league of property development.

The sale of the 50-storey Menara Felda, the tallest of seven iconic towers in Platinum Park, to the Federal Land Development Authority (Felda) for RM640.7mil last week is a major achievement, not only for the company but also for the whole industry that needs this kind of “fireworks” to brighten the “gloom and doom” of a US and possibly global recession.

With the launch of Platinum Park, about 700 metres from the Petronas Twin Towers and Suria KLCC shopping centre, TTDI is poised to regain its former glory not only as an industry leader but also as a major player to be reckoned with.

TTDI group managing director Datuk Johan Ariffin said Platinum Park would be a world-class product and one of the most exciting developments that Malaysia had ever seen.

Datuk Johan Ariffin

“It will be a must-see destination for tourists like Roppongi Hills in Tokyo, Xin Tian Ti in Shanghai and Knightsbridge in London. If you are a tourist and you have not visited Platinum Park, then you have not been to Kuala Lumpur.”

“What Hyde Park is to London park-front apartments and Central Park is to New York condominiums, so it shall be with our Platinum Park properties. This is an investment grade property. The potential is tremendous,” he told StarBiz in an interview.

Designed by RSP Architects, this “haven within a city” development will be the latest project by the renowned architectural firm responsible for a number of other landmark works including the KL Hilton and Le Meridien hotels, Great Eastern Office and GE Mall. It will be the biggest luxury development to be undertaken by a bumiputra company in the vicinity of the KLCC.

It will comprise of three high-end condominiums (287 units) called Platinum Residences; three Grade A office towers and a five-star, 452-unit, 30-storey serviced apartment tower called Platinum Concierge Suites, designed to give the best view of the Petronas Twin Towers, the Melawati Hills and the Royal Selangor Golf Course.

The super condominiums will be priced from about RM2,000 to RM2,500 per sq ft with size of 2,200 to 3,500 sq ft, 4,500 to 5,500 sq ft and penthouses of 8,000 to 13,000 sq ft. Of the three condominium towers, one will be a 30-storey block with 123 units and two, 42-storey tower with a total of 164 units. The first condominium block would be launched later this year or early next year.

The proposed Platinum Residences 2 condominium

While the condominiums are targeted at owner-occupiers, the serviced apartment with size of 450, 675, 900 and 1,500 sq ft will be targeted at discerning investors.

Besides the very prime location, Platinum Park's other unique selling points are its size and concept.

Johan said apart from KLCC, there were no other developments that had the size of Platinum Park in the immediate neighbourhood.

“The 9.1 acres gives us the opportunity to create something different and iconic. We are able to create a seamlessly integrated development of seven towers with top of the line security and ICT.

“We found that every development in the neighbourhood is of one or two blocks and three towers at the most. Ours is the only one that has seven towers.”

Johan said there would be 80,000 sq ft of lifestyle retail space spread over the edge of the park and the towers. There will also be three levels of auto showrooms.

This “necklace” of niche retail offerings will complement this one-of-its kind development in the capital. These outlets will feature international products and services never seen before in Kuala Lumpur.

The retail units will not be sold but kept for rental income. They will also serve residents in about a dozen new condominiums in the immediate vicinity.

An artist’s impression of Menara Felda

Menara Felda's 50 floors will reflect Felda's 50 years of successful history. It will have a net lettable area of 689,000 sq ft and a floor plate of 15,000 sq ft. It will have, among other things, a large banquet hall that can seat 1,500 people at the basement level, double volume ceiling, pre-function lobby and two basements and a podium for parking.

The three office towers will be of 33, 38 and 50 stories. The indicative prices of the office lots will be around RM1,200 to RM1,500 per sq ft, depending on size and the market. The remaining two office towers called Platinum 1 and 2 business suites might be launched later this year or early 2009.

Platinum Park will be developed in five phases over the next eight years and is expected to contribute significantly to TTDI's bottom line.

By The Star (by S.C. Cheah)

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