Name: Chong Young Chin

Student ID: 21090100

Module: Strategic Management
Title: How COVID-19 has pushed Platinum Victory Group over the technology tipping
point—and transformed business forever

Executive Summary:
Platinum Victory Group is a young company in property development industry. The
company reserve its strength in the industry by leveraging company brand and reputation,
accumulating land bank at strategic area, diversify products, stable financial status and strong
market awareness. However, the company with high dependence on contractors, weak talent
management and lack of technology adoption in business operation and products may weaken
the company competitiveness. During the Covid-19 pandemic, technology innovation has
created opportunities and threats to the company. This article is using PESTLE analysis and
Five Forces analysis to analyse the external environment of the industry and the
competitiveness of Platinum Victory Group during the Covid-19 pandemic. The internal
analysis is based on Resource Based Value theory and Tows Matrix is used to provide
strategy to the company based on the business environment. The article also discusses the
strategy objectives of the company based on portfolio analysis model. Recommendations and
implementation plan on technology adoption are provided. The article conclude that
technology innovation could help the company overcome the market challenges and achieve
its strategy objectives.

1.0 Introduction
Platinum Victory Group is also known as PV, is a property developer with more than 20
years history in the Greater Kuala Lumpur area. In term of revenue, land bank, number of
employees and number of projects, Platinum Victory Group is undoubtedly still a young
growing company in the property development industry. The company carry a vision of “We
want to be the premier developer that creates magical moments for our clients, economically
and socially, today and tomorrow.” (Platinum Victory)
Platinum Victory Group has grabbed the opportunity during economic turbulence in the
late 90’s to launch their first project. The key success of the company is their good reputation
and brand name while they successfully delivered more than 15,000 quality homes to
customers ahead of schedule. The increased of delivery speed resulted low production costs is
also a critical success factor to the company. As such, the company always sell its products
with a more economical price but yet in adequate quality. Platinum Victory Group has
successfully retained its buyers as well as attract more new buyers with its success factors as
the best advertisement is always done by satisfied customer. An effective brand carries
recognition to one's items or services as it gives a reliably top-notch insight to purchasers,
hence by implication to the brand's reliability and credibility (Baek and King, 2011).
Purchasers are confident with what PV promised and provided based on their 20 years brand
name.

2.0 Challenges
During the Covid-19 pandemic, PV has faced challenges in sales performance. The
mobility restriction and social distancing measurement broken the connection between the
company and buyers, the company is forced to operate with limited physical approach that
only limited customers allowed to visit the show gallery at one time. Besides, the company
has lost its marketing channel when physical launching events are forced to cancelled.
Additionally, the uncertainty of pandemic has stop investors from investing in the property.
Zamani et al. (2021) view that it is prevailing negative impact on the return-on-investment
rate of construction-related activities resulted by current economic climate. This is the most
challenging issue to the company whereby the sales of the company have dropped
dramatically in year 2020. Failing to apply digital marketing and adopt business digitalisation
has caused disruption of sales which has impact to the company cash flow.
PV also facing challenge on human management. Employees lack of technology
knowledge have difficulties to apply technology to perform their duty efficiently during the
lockdown. This has undoubtedly reduced the employees’ productivity, targets are not
achieved within the time frame and operational costs has been increased. Besides, the
company would have to bear for the additional operational costs like salary, rental and
protective equipment to contractors who are facing suspension at construction site during the
pandemic. Worker shortage is another challenge to the developer as liquidated damages
might be imposed if the construction works unable to be completed within the time frame.
Although PV does not manage the on-site workers who belongs to contractor directly,
however, as a developer, PV need to ensure the workers stay in a safe environment to
minimize the productivity loss. It is a critical challenge to PV to manage the risk of
Coronavirus outbreak at the construction site.
The national lockdown has changed the consumers lifestyle that housing is not only a
place to rest but a place which could fulfill their lifestyle requirements. Work from home
system allows many to have better wellbeing at home and adopt to technology innovation
such as good internet connection, good indoor air quality, better illumination and comfort
indoor environment. According to De Toro et al. (2021), the trend of smart working, digital
growth, increase of the open area utilization and desynchronization of traffic flows already
shaped and will continue to grow even the pandemic is over. The industry is facing a
reformation but PV was still providing the market with outdated design housing which may
slash its competitiveness in the market. This is a challenge to PV as its products may not meet
the buyers’ expectation.

3.0 External Analysis

Malaysia is one of the highest income per capita in Southeast Asia, and compare to many
countries, Malaysia’s property price index remained stable for many years with one of the
cheapest prices in the region. However, the situation has become challenging to the
developers due to the changes of environment. The PESTLE Analysis will be used to track
the environment and trend during Covid-19 pandemic and the Five Forces Analysis is to
review the competition in the industry.
3.1 PESTLE Analysis
From 18 March 2020 to 3 May 2020, Malaysia government has announced movement
control order (MCO) to the nation due to Coronavirus outbreak. The restriction of mobility
has interrupted people’s activities and physical connection between people and people. The
policy has caused a significant slowdown to the industry and undoubtedly resulted disruption
on sales to PV group as their sales channel and marketing strategy has been blocked. The
decline on sales has made the overhang units in the market increased unprecedented high
(FMT, 2021) and the situation is expected to be more critical. decision making about future
investment and business planning is expected to be changed even the movement control order
lifted as the industry strength has been weakened.
What followed was the strict standard operating procedures and numerous health and
safety policies enforced on construction site whereby only half of the workers allowed to
carry on with their duty and closure order will be implemented if there is any Coronavirus
outbreak on construction site. According to Kathy. B (2020), many developers may not able
to complete their project in time due to the interruption of supply chains. Jagun, Nyakuma,
Daud & Samsudin (2022) pointed that extended period of construction are expected as
construction progress has been slowed down and it will result in waste of building materials
which is costly to developers or contractors. The policies would have also caused delay on
delivery and impact to the customers’ satisfaction. The strong uncertainty during the
pandemic has significantly affected the industry attractiveness and investment approach to
the industry.
Furthermore, numerous studies show that the growth of property development industry
would have significant impact to the global economic (Tanrıvermiş, 2020). Malaysia
governments has intervening in housing policy and practice with market-driven in order to
make property development a profitable venture (Ng, 2020). With the Covid-19 impact,
Malaysian government has introduced several initiatives to support and rebuild the industry,
this including stamp duty exemptions on purchase of residential property under HOC to
reduce the cost of purchase and pass the bill in parliament to grant 167 days exclusion period
from the calculation of time of housing delivery whereby liquidated damages will not be
imposed for this period. At the same time, Bank Negara Malaysia has reduced its overnight
policy rate to 2.5% to support the economic growth affected by the Coronavirus outbreak
worldwide. This has benefited to housing purchasers as they can enjoy lower interest rate on
their loan. All the policies are to support the industry from market shrink to avoid the
economic recession impact by the Covid-19 pandemic. The industry is still hopeful even it
was having a crisis during the lockdown, market recovery is expected if the support of
government and banks can be extended until pandemic over.
However, the unemployment rate of the country has reach unprecedented 4.5% in year
2020 and a decline of 3.6% in value of salaries and wages has been reported in the first time
after three decades. (Department of Statistics Malaysia, 2022) As a result, many have to keep
their cash for food and essential needs, financiers would also tighten their borrowing or create
a high threshold of bank loan to borrowers whose financial condition has been significantly
affected by the pandemic.
The threats of the industry are evident from the numbers of overhang and abandoned
projects. Market is extra careful in property buying due to the low employment rate and
global economy recession. However, housing is still a basic need to human. In Malaysia,
majority are aim to have their own house and due to the housing prices in Malaysia are low
compare to other countries in the region, housing investment in Malaysia is also popular.
Since 1980s, Malaysian government is concern about housing issue in the Malaysian Plan
and there is more housing needed in the 12 th Malaysian Plan for the low-income group. Thus,
property industry is full of threats but it is also opportunities. With the regulations and
policies introduced by the government to overcome the economic challenges during the
pandemic, property development industry is still an attractive industry and there is
opportunity for industry players to look forward.
3.2 Five Forces Analysis
Malaysia’s property construction industry and economy has been damaged by Covid-19
pandemic (Gamil and Alhagar, 2020). Malaysia property market become challenging since
2012 when prices of property increased and become unaffordable to majority. Competition
among developers in a same area with similar products become more fierce. Chen and Uysal
(2002) viewed that competitive market position is needed to have long term business success,
but to detailed understand the strength and weakness of competitors is more important. The
Five Forces Analysis is to analyse the competitiveness of PV Group in the market.
PV Group is the leading developer in Setapak area with its responsive and professional
character. It has leveraged its good reputation and strong brand recognition resulted less cost
in marketing, high retention of customers as well as attract new buyers. Both reputation and
brand recognition enabled the company to build stable profitable relationship with buyers and
maintain customers loyalty. The company has its strength on land bank accumulation at
strategic area which is a good investment for future business expansion. In term of pricing
and reputation, no doubt that PV group still remain its competitive advantages. The company
is believed can be continuous sustain in its business.
During the pandemic, the bargaining power of property buyers has significantly increased.
Various of promotion package with low down payment, early rebate, additional home
furnishing and etc. has been proposed by the developers in order to grab some potential
buyers. PV Group has revised their sales package with additional rebate in the selling price in
order to maintain its competitiveness in the market. At the same time, PV Group has provided
financial screening to assist potential buyer on borrowings in order to shorten the conversion
period. The bargaining power of buyers is stronger during the pandemic, however, the
company is sharp in market awareness and be able to react to the market trend with its action
plan immediately which allow the company minimize business risk and remain its strength in
any crisis.
With the PV company’s nature of business as a developer, the company doesn’t involve in
construction and hence, all developments are outsourcing to other construction company. The
company has no control with the man power arrangement and quality of work. The risk is
high whereby reputation damage may be happened if the quality of work is not up to
expectation. As such, workers shortage and material delayed issues in the industry during the
pandemic period has pushed the company weakness appear to be evident as the company do
not has bargain power of suppliers.
3.3 Conclusion – Opportunity and Threats
The Covid-19 pandemic has resulted many adopted the convenience and speedy services
via digital platforms. Consumers has changed their behaviour to get information online and
this has resulted only developers who are leading in technology transformation able to meet
consumers’ expectation. This is an opportunity for PV to catalyse business digitalisation in
the industry without further delay. Property technology (Proptech) is leading the industry
changes not only to make their sales accelerated, but also improve the efficiency of operation
and management. The investment in technology will bring the business a new opportunity.
The external environment of Covid-19 pandemic with the low interest rate and several
policies implemented by the government has create opportunity to property development
industry. With the benefit of saving on the interest, stamp duty and additional discount from
developers, better property investment environment could be provided and lead to better sales
performance. The HOC scheme has slightly eased the overhang issue in the property market
and mitigated the challenge impact by Covid-19 pandemic (The Star, 2021). Furthermore, the
lockdown has eliminated some “unfit” developers with poor credit records (EdgeProp, 2020).
This is an opportunity to the company to increase its market share with the low interest on
bank borrowings.
There is an upskilling opportunity to staffs during the lockdown as well. With the
technology adoption, a learning opportunity is also provided to the marketing team to develop
their video and photo skills, unleash their capability in copywriting, photo and video
producing and eloquence which required in their work. It is also an opportunity to have staff
training in technology operation in order to meet the industry transformation. Integration
system in operation will increase the working efficiency and further accelerate
competitiveness of the industry to neutralise the external challenges and maintain their value
and strength in the global market.
PV Group has also faced threats of substitute products when sub-sale high rise residential
unit could provide more flexibility on the selling price and moving in period compare to a
newly launched project that buyers may need to wait several years for construction to be
done. This has caused chilling effect to PV Group. Besides, many has discover the important
of data service and technology adoption of the building after a few months of work from
home experience. If the location or building is not facilitated with fast speed internet or not
reachable by delivery service, it will make the consumers’ daily life inconvenient when
everything is goes online now. Properties with technology and sustainability adoption on
building design that could save on energy consumptions are definitely a threat of substitute
product to PV Group.

4.0 Internal Analysis

4.1 Resource Based Value
 There are resources of PV Group to create the company’s success today. The reputation of
the company is one of the important resources and potential to be its competitive advantage.
PV has used its 20 years to develop prestige and brand name which have now become an
important intangible asset to the company. The good reputation built on customer satisfaction
on product quality and customer service as well as good return on the investment enabled the
company to explore more opportunities and minimize the impact of threats from the external
environment. It is rare for a non-listed developers to grow rapidly in the industry and the
competitors in the area are not easy to achieve it.
PV Group has huge capital to accumulated its land bank at the strategic location at the
area. The company successfully to reduce the cost of land for future developments.
Moreover, high rental value has made properties become good investment to investors. With
the new MRT 3 station announcement, the prices of land have gone up and the prices of new
development are expected to rise again. The company could make higher profit on its
products. Thus, the company will sustain the business with its long-term planning.
The company has mass production on various products at one time to increase the product
variety as well as deploy cost leadership. The involvement of the company in the
developments of Residensi Wilayah (RUMAWIP), Perumahan Penjawat Awam Malaysia
(PPAM) and medium range condominium allow the company seize the market of medium
income and young generation groups which is the majority in the area. Building design is
very important to the company to fully utilise the land area as well as build up area in order to
success in cost leadership.

5.0 TOWS Analysis

Strengths (S): Weaknesses (W):

1) Leveraging reputation
and brand recognition.
TOWS MATRIX 2) Accumulating land bank
3) Mix in products.
4) Financially stable
5) Strong market awareness
1)High dependence on
contractors
2)Business model can be
imitated by competitors
3)Weak talent management
4) Products out of date with
technology

Opportunities (O): SO WO
1) Lower interest rate and 1) Increase market share. 1) Upskill employees in
government policies 2) Invest in management technology operation.
support sales performance. system. 2) Increase employee
2) Upskilling opportunities to 3) Explore new market. benefits to hire talent.
employees. 4) Invest in research of 3) Increase marketing and
3) Opportunity in online sustainable building. advertising effort outside
platform. existing market.
4) Catalyse business
digitalisation and adopt
technology in new
developments.
 Threats (T): ST WT
1) Consumer behaviour 1) Develop sustainable 1) Apply technology to
changing. housing and apply industrialise building
2) Subsale housing and technology innovation system.
sustainable developments in new developments. 2) Invest in AI and reduce
are the threats of sustainable 2) Market products online. man power.
products. 3) Launch property after 3) Make technology
3) High increment in human building completion. adoption as a required to
capital cost and high appointed contractors.
inflation rate in construction 4) Create online service
services. team.

6.0 Business and Industrial Strategies

Property development industry is a fragmented industry which is in maturity stage of
industry life cycle with late adopters penetration. There are no leaders or firms to lead in
working condition within the fragmented industry and hence the environment is competitive
(Porter, 1980). When the barriers to enter fragmented industry become lower and easy to
access, the intensity of competition will increase. Firms must be ready to overcome the
challenges in the competition and maximise the potential opportunity to create success. Since
property development industry is at the stage of maturity, the growth of the company sales is
slow and maintain stable in the saturated market. High performance strategies like increase
market share to lower housing price, emphasize of company value chain, improve quality and
efficiency as well as active in marketing event will increase the company competitiveness in
the market. The linkage between profitability and efficiency is getting strong, thus
differentiation in products and market share are crucial at the maturity stage (Hamermesh &
Silk, 1979).
6.1 Strategy Objectives
SO 1: To promote customer growth through digital marketing.
To achieve the strategic objective, BCG matrix can divide the company products in 4 groups
which will help the management decide if the product is worth for investment or should be
terminated. The 4 categories including star, question mark, cash cow and dog. The strategy
remained the same that star can generate more return but require ongoing investment to
sustain; question mark need a lot of investment and uncertain gain in future; cow remained as
earning; and dog is low market share with low market grow.
 Hig
h

Civil Servant
housing

Military
housing Federal Territory
Market Grow

housing
Products
Free Cost
High-rise
Condo

Luxury
Condo Re-development
Lo

Project
w

Lo Hi
w Market Share gh

According to the analysis, luxury condo and re-development projects are draining the
company resources, however, the margin is good, marketing can still accelerate digitalisation
of marketing to boost the growth and market share. The targeted market is professional or
business personnel who are regularly using technology tools or digital platforms, digital
marketing including digital content media, google ads, radio and digital advertisement could
help to attract more buyers. Virtual tour of the property with AI implementation is strongly
encouraged. Free cost high-rise condo is the important segment of the company as “cash
cow” to generate revenues. The company can increase the interaction with the buyers via
email, company website or social media page as the contents can be shared to the buyers’
contacts to create awareness and influences. Besides, Federal Territory housing which
targeted first home buyers has a huge potential of grow in the future. The investment in
various digital tools such as using influencer, TikTok, Youtube and other entertainment
channel to do marketing would be effective to boost the customer growth. The company is
lack of capabilities in the development in military housing and civil servant housing at the
moment, thus, the company should further analyse if worth to further invest to the products.
The digital marketing resources can be invested according to the analysis to ensure the return
of the investment is well worth and able to achieve the strategy objective.
SO 2: To improve operational efficiency across group of companies.
Operational efficiency could help PV to achieve cost-leadership in order to have
competitive advantage. Cost leadership strategy allow products to be offered in adequate
quality with cheapest price to the broad market. To obtain sustained competitive advantage, a
company have to pursue one of the generic competitive strategies between cost-leadership,
differentiation and focus (Porter, 1980). Price and Newson (2003) pointed cost-leadership
strategy being practiced in construction industry where the strategy allow a company to be
the least responsive giver, bringing down its production cost and accomplishing minimum
costs for its development exercise to improve its competitiveness.
One of the strategies which promoted by Construction Industry Development Board for
years is the implementation of industrialised building system (IBS) which using the
preconstructed parts made in factory to construct a building like Lego. The system will
potentially improve the quality as manufactured according to standard, save the needs of
labours especially foreign labours whose levy has taken 0.125% of the construction cost that
exceed RM500, 000, accelerate construction timelines, simplify on-site management and
safety and reduce environment impact of the construction industry (Property Guru, 2021).
According to the result found in the research of Shamsuddin et al. (2018), the system has
provided significant cost reduction in waste management, material and labour cost, and
administration cost and financing cost.
Economies scale is significant for a company to achieve cost leadership efficiency. From
the IBS system, due to the mass production from factories, the cost of product will be
reduced. At the same time, due to innovation applied, a lot of operation by sub-contractors or
administration cost can be minimized or cut. Thus, apply technology innovation like IBS
system into the property development industry could help the company to achieve its strategy
objective that reduce the operational cost and as a result, the company is still able to remain
its competitiveness by using cost-leadership strategy.

SO 3: To increase market share in Klang Valley

Housing is in maturity stage of industry life cycle, the growth of industry is very limited.
By using Ansoff Matrix, PV have to use market penetration strategy to increase the revenue
and achieve market penetration in competitors’ market (Khajezadeh et al., 2019). The most
economical and least challenging strategy to increase the market share is via market
penetration (Kukartsev et al, 2019). The digitalized marketing can be the most popular and
direct method to attract the customer eye balls from social media platform and digital media
content especially pomoted by popular influencers. The communication and interaction via
the social media platform are rich, efficient and effective. Most important is, the company
could keep the followers (consumers) update on their latest launching and contact them no
matter where and when. The “Share” function of the social media is even powerful to spread
the interesting or attracting post to others in seconds. The influence of social media will lead
the consumer decision making which will increase the sales of company and penetrate to
competitor’s market.
Beyond that, the company can utilise the management system to manage the leads and
create big data that could help the company understand the consumer preferences and habits.
The forecast of future market trend is very important for the company to create relevant
products in order to penetrate to the major market. The current market share of PV is low but
the company has an impressive growth in Klang Valley market. Compare to Sunway Group
which has provided good service to its clients and IJM Corporation emphasize on building
design, PV is a low-cost defender which focus on cost containment. Customers understand
the brand however partner it with lower costs rather than with its soft skill or quality. As a
result, conveyed cost is the message that most resounds with clients (Olson et al., 2021).
7.0 Implementation of strategy
The most challenging issue that PV is facing during the Covid-19 pandemic is the
interruption of sales and marketing activities. The activities relied on physical approach
which is prohibited during the pandemic. To implement strategy objective 1 which is to
promote customer growth through digital marketing, below is the proposed implementation:
7.1 Understand audience
Marketing should collect information of targeted audience such as age, race, employment
status, attitudes, interests, lifestyle and marital status. The information would able to help the
team to create accurate topics for digital content, increase the conversion to sales or bookings
and find the niche in the market. At the same time, the company could provide an effective
digital experience to clients. The information can be collected via market research, buyer
persona or identify influencers who help to build awareness and brand (Weinstein, 2018).
7.2 Identify the goals and tools
The company set the objective to increase customer growth via digital marketing, which
means the digital strategy should be able to drive more sales and attract more leads and
bookings. The SMART framework which includes specific, measurable, attainable, relevant
and time bound can support the marketing strategies in setting the business goal which led to
gaining more to the company (Addison et al, 2019). The marketing team then have to
evaluate the digital marketing capabilities as described by Chaffey. D (2022) to manage the
approach according to the business goals. To boost the customer interest to the property
development, the e-mail marketing, website digital content, digital media content, marketing
blog, influencer PR and social media advertisement like Facebook page, Instagram, Google
ads are among the effective tools which can boost the customer growth within shorter period.
The estimation of cost based on the number of projects launched.
From the process of recruitment to appoint agency and start digital activities may take up
to 5 months. The forecast of the customer growth shall be increased consistently after 3
months of the launched of digital marketing at online channels. Subsequently, the team has to
prepare virtual tour of launched project since some potential buyer may not prefer to
physically visit the show room, at the same time, virtual tour could include more information
compare to the actual show room and provide buyers the real effect of their choice of unit.
The integration of traditional marketing and digital marketing can be done by end of the year
and we foresee the effect of customer growth will be evident next year onwards.
7.3 Resources required
According to Chaffey and Ellis-Chadwick (2019), digital marketing can be started by
outsourcing due to short of in-house expertise or using existing resources in IT and marketing
department in conjunction with new hiring of digital experts. However, in long run, the
digital marketing has to be managed by in-house marketing team as outsourcing can be costly
based on the size of PV in a growth stage. Thus, the company may need to hire a team of 5-6
experienced digital marketing talent to manage the digital channel. This includes to propose
online activities, manage leads, handle customer relationships, and improve the marketing
channels. Additionally, the company can outsource some activities to a digital branding and
marketing agency due to existing resource is limited. The strategy required information and
cooperation from various department from project, finance, HR, sales and IT.

8.0 Conclusion
Based on the analysis above, the Covid-19 pandemic has changed the development of
property industry. The external environment factor like lockdown, change of trend, instability
income, working condition and government intervene has significantly impact to the industry
and forcing the industry to transform. To increase the company competitiveness, PV is forced
to catalyse adoption of technology innovation in its business model and operational system in
order to meet the market trend. Therefore, the technology strategy provided is to help the
company to transform effectively to achieve its strategy objectives within a shorter period.
Moving forward, it is believable that technology strategy could improve the company
performance and strengthen its competitiveness in the post-pandemic era.
(4429 words)
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