KUALA LUMPUR: Platinum Victory Sdn Bhd has confirmed that it is the developer that will undertake the housing project on several plots of land in Kampung Bohol here.
A company official said pending final guidelines, it expects to finalise the project in three months.
Meanwhile, checks with the Companies Commission of Malaysia showed that Platinum Victory was incorporated in July 2001 and has an issued share capital of RM10 million.
Platinum Victory, in its latest financial year statement ended Dec 31 2022, reported a net profit of RM134,342 with zero revenue and RM11.56 million in current assets.
On Thursday, the NST reported that a housing developer had committed RM40 million to "upgrade" the Kampung Bohol retention pond along the Kesas Highway as part of its winning bid for a housing project tender.
Aside from the requirement to upgrade the retention pond, the developer would also fork out RM41.7 million for the premium of six plots of adjacent land measuring 10.84ha.
This works out to around RM69 per sq ft.
Details of what will be built in the area, however, remain unclear.
Residents, meanwhile, had questioned the rationale behind awarding prime land to the housing developer in exchange for the company's promise of deepening the pond for a mere RM40 million.
They claimed that the area was already cramped with buildings and any new housing project would only lead to further congestion and other issues.
The NST has also reported that while residents and elected representatives had voiced concerns following reports that the area would be developed, Minister in the Prime Minister's Department (Federal Territories) Dr Zaliha Mustafa said the developer must comply with requirements for traffic and environmental impact assessments, among others.
"We assure the public that the upgrading of the pond would
be completed first before any work on the housing project can start.
"Three of the six plots of land will be used for affordable housing — one for Residensi Madani and two for RumaWip," she told reporters at a recent media briefing.
The developer would be free to decide the types of residential properties it wanted to build on the three other plots, she was reported as saying.
She also said there was a need to upgrade the pond's capacity to mitigate floods.
While the project has been awarded, residents will still have a chance to have their say at a public hearing on the matter tomorrow.