With its staggering size and majestic blocks, some say that the Setia Sky Residences is definitely a cut above the typical KL city condominium. Its building’s exterior and design is stylish and unashamedly modern, and it’s impossible not to marvel at its beauty, especially at night, when its presence lights up the Kuala Lumpur city skyline. Setia Sky Residences is one of my favorite condominium developments near the KLCC enclave – read on to find out why.
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SP Setia is the property developer of this luxurious residential condominium. One of the premier real estate developers in Malaysia, SP Setia is (at the time of the publication of this review) the biggest developer in Malaysia in terms of market cap and (read its profile here).
SP Setia’s rich and varied portfolio includes projects like Setia Eco Park, Setiawalk (in Puchong), Setia V Residences (Penang), Setia Alam and Setia Tropika in Johor Bharu. In 2013, it has also launched the high profile Battersea project in London (click here for an excellent analysis by Bloomberg). It also has projects in Singapore (Eco Sanctuary) and Vietnam (EcoLakes MyPhuoc). SP Setia has a storied history which should appeal to anyone even with a slight interest in Malaysia property.
For some reason, some tend to abbreviate the name of the project down to “Setia Residences” for brevity (although it could be confused with its sister development Setia Vista Residence in Penang).
Setia Sky Residence Pricing
Launch prices for the Setia Sky Residence units started from RM680 to RM1,100 per square feet – note that this is comparable to the sub-sale prices for a large number of condominiums in the KLCC enclave (Park View, for example) or myHabitat (reviewed here) on Jalan Tun Razak. While we note that most notable KLCC condominiums have appreciated above RM1,000 median PSF, the series of Tun Razak condominiums are still significantly below that level (The Orion at RM550 PSF, Vista Damai at RM600 PSF), although myHabitat is somewhat of an anomaly.
To check the fair price for condominiums on Jalan Tun Razak (or any property in particular), use this real estate valuation guide which you can download for free courtesy of GoodPlace.my.
The chart below shows the asking prices for the past couple of months compiled from various public sources (and crunched using our proprietary formula):-
We regularly receive and collate information about specific projects from people in the know – agents, negotiators, buyers, sellers, developers, contractors and the like. Read the “insider gossips” for Setia Sky Residences as submitted to KLCCcondominiums.my below. WARNING: the information below has NOT been validated, and therefore should not be used as the basis to buy or to sell property. Thank you for understanding.
Setia Sky Residences is NOT inside the KLCC enclave proper; in fact it is off Jalan Tun Razak just right behind the Orion (which we review here). This could be an advantage or a disadvantage depending on the buyer’s needs.
On the plus side, being on the “happening” stretch of Jalan Tun Razak would provide a lot of activities for Setia Sky Residences’ residents. For one, the National Library is just nearby.
The National Art Gallery and Istana Budaya would surely catch the eyes of passionate art aficionados—these two institutions are only within walking distance. Golf enthusiasts would get their fill at the nearby Royal Selangor Golf Club, or even play polo at the Royal Selangor Polo Club. Taman Tasik Titiwangsa and Titiwangsa Sports Complex are both establishments for you to go to if you want to release your competitive side by engaging in sports and other activities.
Schools and hospitals also enhanced the value of the property. Nearby schools include Alliance Francaise, Sayfol, SMK Puteri Titiwangsa. As for hospitals, National Heart Institute is just a few metres away. Hospital PUSRAWI and General Hospital complete the list of nearby hospitals surrounding the condominium. We do note that there are buyers who have got reservations (“pantang“) with properties which are hear hospitals. 😉
The Walkability Factor
Our sister site GoodPlace.my has developed a methodology to measure a property’s “walkability” i.e. its distance from nearby amenities on a scale from 0 to 100, with 100 being the maximum score. Setia Sky Residences’ GoodPlace Walkability Factor (GWS) is 72, which is predictably high for a city condominium but relatively lower when compared to other condominiums situated inside the KLCC enclave or on Jalan Bukit Bintang (Pavilion Residences, for example, scores 99).
To download a free high resolution map with Walkability Scores of all major KLCC properties, click here.
The interactive map below can be used to check where the closest amenities to the Setia Sky Residences are.
[poiautomap address=”Setia Sky Residences Jalan Tun Razak Kuala Lumpur Federal Territory of Kuala Lumpur” zoom=”15″]Setia Sky Residences[/poiautomap]
Unit Layout & Structure
The total amount of residential apartments is at 811 — with units measuring from 1,044 to 1,679 square feet. The property is built on a massive ~six acres of premium freehold land in the heart of the city. Setia Sky Residences are of moderately high density.
Residents are given the choice to choose a unit that would provide a scenic KLCC view or a Taman Tasik Titiwangsa view. The building has 40 storeys in total, with each floor housing dix units. As of this writing, the condominium is already on its second phase of development — completion of phase two is estimated to be completed in 2014.
The condominium boasts of luxury exclusive only to its residents. It comes with a lot of facilities and amenities enough to keep one occupied 24/7. One of the condominium’s highlights is its Sky Club. Its staggering area of 20,000 square feet is graced with a spectacular Kuala Lumpur view. It houses a swimming pool and hot tubs, a yoga zone, a gymnasium, and a tea pavilion. The Sky Club also features a sports club, cigar room, and a pool hall.
Another definition of luxury would be the condominium’s Sky Deck, which features a 50-metre lap pool, a Jacuzzi, and a sun deck. It also gives off a relaxing setting through its spa gardens. Active children will definitely get their fill with its play pool and playground.
Finally, the Sky Villas is the perfect place for parties and events — everyone is expected to turn on their socialising skills and just enjoy the KLCC view from its plush seats.
Every unit is protected with a 24-hour security system, equipped with CCTV cameras. Seven private lift lobbies also serve each floor to ensure convenience for its residents.
Condominiums which are built along Jalan Tun Razak are forever associated with its perennial traffic jam problem – and Setia Sky Residences is no exception. For this reason, developments located here tend lag behind the condominiums located in the heart of the KLCC enclave in terms of capital appreciation, but Setia Sky Residences (and myHabitat) seem to be on track to break this norm.
Developer reputation is becoming a strong purchase driver among Malaysia property buyers, and given the stellar performance of SP Setia we will not be surprised if Setia Sky Residences perform rather well in the sub-sale market. While SP Setia seems to have built its reputation around building middle-of-the-range townships, Setia Sky Residences do not seem to be lacking in its upper market trimmings.
There are a couple of perceived negatives (for example, the high density factor may be a turnoff to some), but the positives greatly outweigh the negatives and we do see a stellar future ahead for this project. However, ass prices continue to etch up, we do see some cooling off in terms of demand, and its neighbouring condominium the Orion may get the spillover as it is priced even more competitively compared to Setia Sky Residences.
All in all, this condominium might be a good choice for you if you want to live in the city but you’re not particular about being INSIDE the KLCC enclave or on the Embassy Row. However, prices of units at Setia Sky Residences are indeed getting close to that of KLCC levels, and before you decide, use this guide below to help you come up with the ballpark figures of “fair” prices. Enter your details below and the downloadable guide (about 20 pages in PDF format) will be emailed to you.