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Monday, January 28, 2008

Project surprises industry

“THEY have really done a good job!” These words came from the CEO of a major property development group while we were having lunch at the KL Hilton, the day before the official launch and groundbreaking ceremony of the Platinum Park by Deputy Prime Minister Datuk Seri Najib Tun Razak on Jan 22.

The CEO was surprised when I answered his question that the 50-storey office tower that would be sold en bloc as mentioned in my column on Jan 21, is in Platinum Park and that the developer TTDI Development Sdn Bhd (TTDI) is selling it to Felda for RM640.7mil, or about RM930 per sq ft.

This is indeed a major coup and many industry players did not know about the sale or details of the Platinum Park development. It was the best-kept secret. The TTDI management has for the past four to five years worked hard to amalgamate the bungalow lots and came out with a winning concept. It has kept quiet until it was time to blow the trumpets with fanfare.

About 1,000 people were invited for lunch and to witness the signing of the agreement to purchase Menara Felda and launch under a big tent at the project site at the corner of Jalan Kuda and Jalan Stonor. The night before the launch, more than 50 members of the media came for a preview-cum-dinner at the site show room.

From left: Datuk Seri Najib Tun Razak, TTDI Development chairman Tan Sri S.M. Nasimuddin S.M. Amin, Felda chairman Tan Sri Mohd Yusof Noor and Deputy Regional Development Minister Datuk Wira Abu Seman Yusop looking at the model of Platinum Park.

Did TTDI come in too late into KLCC?

Group managing director Datuk Johan Ariffin does not think so. “I don't think we missed the boat but instead, we have caught the market on an upswing. “The earlier condos were priced around RM650 per sq ft but now they have shot past RM2,000. The secondary market in One KL is reselling at RM2,500 per sq ft,” he said.

“We've taken a good amount of time to carefully plan and conceptualise this project. We haven't finished on the retail planning,” he said, adding that he was unperturbed with talks of a glut of high-end condos in the KLCC area. We don't have that many units and it is less than 5% of the total supply in the area. We are targeting a niche upper band, a very select group,” he said.

In fact, at RM2,000 to RM2,500 per sq ft as the indicative price for Platinum Park's luxury condominiums, it will help to pull up the price structure of similar high-end developments in the periphery of KLCC and those further away.

There is an upcoming RM3.6bil to over RM4bil mega development in Kampung Abdullah Hukum at Jalan Bangsar that may also benefit from any spill over demand from the KLCC.

If the condominiums or offices in this project that is adjacent to the Mid Valley City, were to be priced at around RM600 per sq ft, it would be an attractive proposition, as Bangsar is also a prime area but the price would be a mere quarter of the top end of KLCC prices.

What makes Platinum Park exciting is that it will have a RM20mil, 1.5-acre private park and cobblestone walkways that will give residents, office workers as well as visitors to its retail outlets a “back to nature” feel. For the residents, it will be an exclusive domain to live, work and play.

As RSP principal Hud Abu Bakar said, there would be lots of lush landscape and water features as well as state-of-the-art CCTV surveillance and sophisticated fibre optic lighting, some of them set in glass structures. It will be an exciting, uplifting and happening place.

He explained that the instead of having sharp edges, there would be curved buildings that maximises on the view, ventilation and is harmonious with the surroundings.

“It also minimises reflection from the sun and deflects the wind more evenly. Our inspiration is also taken from the form and function of a car that has character, is dynamic and progressive,” Hud said, adding that Platinum Park would be the “climax of the Jalan Stonor development”.

In designing Menara Felda, he said its oblong shape is derived from the shape of the palm seed while the top of the building resembles a leaf that symbolises Felda as an agriculture body.

“When this tower is lit up at night, it takes on a very nice shape. When you come out of the KLCC, you can see straight at this tower,” he added.

Platinum Park will have six ingresses and egresses. From the North, one can drive into the development from Jalan Ampang and Jalan Binjai; from the East its from Jalan Tun Razak and Jalan Kuda, from the West it is from Jalan Stonor and from the South one can come in from Jalan Kia Peng and Lorong Stonor.

The neighbours are also all first class projects. Just across Jalan Stonor is the newly completed Binjai twin-block condominiums and the existing Stonor Park. The proposed Suria Stonor condominium is next door while Magna Prima's Avare, another high-end condominium is under construction at the rear. Across the road at Jalan Kuda are The Oval condominiums, also being built.

By The Star

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