Welcome back folks to part 2 of Platinum Mira Residences @ Taman Maluri. In this part 2, Propcafe will the cover what differentiate Platinum Mira versus other competitors as well as Platinum Victory’s previous projects. As a bonus, Propcafe also covers indepth about the potential and future prospect and incoming supplies in Maluri. We are excited and do read on!

For part 1, please click the link Platinum Mira part 1

Orientation and view

Due to narrow strip of land, primarily most units in PMR are facing either these two facings which is Cheras (West and Lavile) and Maluri (East and Amaya Maluri). Most of the Cheras view will be blocked by Lavile. As for Maluri, there are government quarters and 20 storeys Amaya Maluri. Again, you may opt for higher floors to gain some unobstructed view. Alternatively, is opt for lowest floors for pool view.

Unit 7 and 8 are facing KL skyline however there is a huge empty land which already hoarded. It remains to be seen what’s the development order for this empty land.

Some sample of views screenshot from developer website. However kindly note the drone 360-degree view were taken at very high elevation. For example, the west direction will probably be fully blocked by Lavile.

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Note: photos screenshot from developer website

Facilities

Common facilities are spread over 4 level

• Ground level garden. During undercon this will be project office and will be converted to garden upon handover to buyers
• Main facilities on Level 9^th and mezzanine deck
• Sky lounge on level 45^th
• Sky gardens on every 3 levels

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Note: Artist impressions from developer website

On level 9^th, PMR is equipped with modern facilities such as suspended gym overlooking infinity pool. The artist impression is showing well landscaped throughout facilities deck with thematic garden and open lawn. Two spacious multipurpose halls, equipped games room (claimed by SA!). Surprisingly departing from basic and no frill offering in PV’s past launches, every corner is filled with somethings. Even the empty land on ground floor which during under construction is used as project office will be converted to small park upon handover to buyers.

 

Another fresh introduction is the sky gardens where every 3 levels can enjoy the community area. Propcafe^TM hopes that developer will landscape and provide appropriate soft furnishing at least to the artist impression. The sky gardens are linked with spiral staircase. Unfortunately, residents cannot use the lift as the access to each floor is controlled with access card.

 

Another surprise that caught Propcafe^TM is the sky lounge on level 45. Typically, only high-end development has sky lounge which even higher end projects like Lavile is missing this out. However, it seems that this sky lounge is an afterthought design. For example, the lift stops at level 43a, with level 45 as motor room. You will need to climb the spiral staircase from level 43a to 45 which is not ideal for elders and physical impaired person. Also, the level 45 is where the rooftop water tank located. The corridor leading to lounge is only 5ft width which is quite narrow for modern development. Anyway, in Propcafe^TM, just take this sky lounge as a bonus facility, and not the dealbreaker for a buying decision making.

Interesting, no artist impression on the drop off or lobby. It is assumed that it will not be double volume or a grand lobby for Platinum Mira Residences. 

Pricing and finance

The price in PMR starts from RM470K before any discount and rebate. The price for units located in sky garden will be added RM1,500 premium. The price seems competitive especially when new development around the vicinity such as Lavile, SVTwo, One Cochrane, Continew, Una is asking more than RM800psf. However, on affordable spectrum in this area, you have Rumahwip Miharja (RM300k) and 3600 units M Vertica which cost about RM580-650psf. In short there are wide range of properties in this Maluri, depends on your budget and preferences.  

The maintenance fee inclusive sinking fund is estimated RM0.38psf, around RM262/month for 691sqft type B, quite a luxury maintenance for Platinum’s product. However, given the amount of facilities, lifts etc. the fee is fair in Propcafe^TM opinion.

Platinum Mira was eligible for Home Ownership Campaign (HOC) 2021 which under government RM40billion stimulus PEMERKASA is extended until 31. December.2021. Under the campaign, the home buyers are entitled of the following.

1. Stamp duty exemption on the instruments of transfer and loan agreement for the purchase of residential homes priced between RM300,000 to RM2.5 million (subject to at least 10% discount provided by the developer).
2. The exemption on the instrument of transfer is limited to the first RM1 million of the property price, while full stamp duty exemption is given on loan agreement effective for Sales and Purchase Agreements (SPA) signed between 1st June 2021 to 31st December 2021. 

Post write up –  HOC2021 was not extended by government at the time of writing up. 

Incoming and Future supplies

Duet to buoy property market which peaking in 2015/6, many developers took advantage of it and aggressively launched many projects. Not only that, but they were also aggressively performing land banking. In all, just within the 1km radius from Sunway Velocity, there are approximately 8,000 residential properties worth RM7.5billion GDV will be streaming online between this year and 2023 where M Vertica contributed almost half of the incoming supplies.

The supplies will flood Maluri and Cheras in next 2-3 years! Even though all these developments are well taken up, the lingering question is subsale and rental absorption rate. There will be bloodbath amongst the landlords if glut rental properties persist and they couldn’t find the niche and USP of their properties.

From first glance, Platinum Mira Residences seems to have buffer as they are expected to be completed towards end of 2025, allowing 2 years for the market to normalized. Not only that with price  by Platinum is more affordable than its peers, it also seems that Platinum Mira Residences has cost buffer with exception of high-density M Vertica.

However, the biggest concern not only from past launches but future launches as well.

Not only the existing launches, but many big developers such as Sunrise, SPsetia, Sunway and Jakel which are holding substantial land for future launch in Maluri, Miharja and Cochrane. Except for SV Two phase 2, it is still unclear the plan for the land.

Based on table below, Propcafe^TM will not be surprise another 10,000 ~15,000 incoming supplies in next 10-15 years from these lands.

Any seasoned investors worth their salt will realize the importance of primary market led pricing as this will eventually have spillover effect on the secondary market. With the sluggish and overhang market, there’s not much of leeway and developers may tempted to launch with prices lower than the market. This is probably one of the biggest risks investing in property now just in Maluri but in general.

Potential and future prospect

Despite the incoming supplies along Sungai Buloh Kajang MRT line, Platinum Mira is standout for the following reasons

•  Within short walking distance away to highly popular Sunway Velocity and AEON maluri
• Maluri commercial centre for banking, mamak and hawker fares, stationery and basically almost everything you need
• 700m walk away from beautiful 64 acres Taman Pudu Ulu
• 1 station away from Mytown/Ikea and 2 stations away from Malaysia future financial hub, TRX

70 acre TRX masterplan encompass 26 buildings and over 21 million ft² of Gross Floor Area (GFA) spread across the office, residential, hotel, retail, F&B etc. While The Exchange 106 expected to welcome tenants in 2022, world class financial institutions such as HSBC and Prudential have moved in with Affin Bank follow soon. Poised to be future financial hub, Platinum Mira can tap the spillover of tenant demand from TRX with estimated of 45,000 working population. Maluri with 2 stations away and Platinum Mira represents one of the more affordable option should able to capitalize on the TRX prospects.  

Conclusion

The current trend seems that property is getting cheaper and cheaper due to the gluts and overall sentiment which unlikely can be reverse anytime soon. Man cannot produce new land however the plot ratio always can be increase… 😊 just look at the high-density development in Cheras despite not being a CBD area.

Propcafe^TM was informed the approved construction period is 54 months to consider the land condition, 46 storeys and as well as uncertainties involved Covid pandemic. This will bring PMR VP in end of 2025. Propcafe^TM noticed that some works already started with heavy machinery scattered around.

This can be good news as most of new supplies (exclude the future launches) will be completed between 2021~3. However, given the amount of the incoming supplies close to 8k units, it is unlikely the rental demand can be normalized in next 3-4 years.

Also, SVTwo phase 2 with total 1051 units are expected to be completed in 2024. It will be tough condition for any landlords and will require a long-term holding power and even longer holding period. Only the development with USPs, lowest cost and collective effort from owners will be able to ride out the storm. And this yet consider future incoming supplies from SPSetia-MMC JV, Sunrise, Jakel etc.

Another interesting fact aside Lavile, PMR will be the only Freehold project within Maluri vicinity. Of course, Cochrane consists of freehold land however purchasers need to be aware that existing One Cochrane has restriction-in-interest. In layman term, any transfer will require consent from PPTGWPKL with will affect the length to complete the transaction (and other arising restriction). This article is not a platform to speculate the restriction but any interested prospects with One Cochrane are advised to check with the salesperson. However, the more pertinent question is whether the freehold lands owned by Sunway and Binastra also come this restriction?

There’s another concern whether PV approach, execution, and delivery for PMR, whether will aligned with its affordable mass product or reflect the higher-grade product and therefore better workmanship, soft touches such as furniture, decoration, landscape etc.? On paper it seems PV has ticked affordable luxury segment. Modern façade with large window and elaborate facilities however offset with some nitty details such as 5 ft width common corridor and lack of access on mezzanine deck@level 9^th and sky lounge@45^th floor. Imagine if residents are physically impaired, they will not be able to access or use facilities on these levels.

We only can know after the project is VP-ed whether PV is able to execute the whole development as per their vision, scale model and artist impression.

Also do not forget buyers need to face the uncertainties arising from ongoing legal tussle. Currently the case is with the highest court which is Federal Court. 

Propcafe^TM like the entry price which absolute and psf wise much more competitive than most neighboring development. This is coupled with rare Freehold status surrounded by leasehold (And freehold with restriction) developments, within short walking distance to Sunway Velocity Malls, Maluri MRT station, AEON mall and Maluri humongous commercial district. You can get your daily chap fan, chicken rice etc. from here. However, the traffic can be unbearable and incoming and future supplies that will only make the traffic worse.

Hm, how can we never forget the giant HTC along Maluri? Nevertheless, it is quite a distance, easily 500ft away from the building.

Hope you enjoy this write up and please share it around. Happy hunting!