Developed on the land of St Mary School, St Mary Residences is an upmarket serviced residence situated within the KLCC enclave. Developed jointly by the Lion Group and E&O Property Development Berhad (which is behind the development of Quayside in Penang), it’s literally a stone’s throw away from both the Petronas Twin Towers and the Pavilion Mall. Its location is a major selling point – similar to Marc Residence and The Binjai On The Park.
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It is interesting to note that E&O was the developer of the nearby Dua Residency which set a new standard in terms of built-up space (the first with more than 2,000 sq ft and beyond). As such, it commanded sky-high prices which made it accessible only to exceptionally high net worth individuals. Despite its positioning as a luxury apartment, this market tier is still domestically driven. In fact, as at August 2012, 70% of the units were taken up by locals.
Inspired by Manhattan’s upscale apartments, St Mary Residences is positioned as a “lifestyle buy” for the upward moving strata of the society. During the launch, the three penthouses (priced between RM10-12M) came with a Lamborghini Gallardo! Unreal…
St Mary is designed by WATG which has got a rather stellar portfolio under its belt; it has previously designed the Four Seasons and the Ritz-Carlton in a couple of places.
Consisting of three apartment blocks, it houses some 450+ units ranging from 1,131 sq ft (the studio unit) to 6,759 sq ft (the penthouse located on the rooftop). It also features a spacious 1.2 acre park. It also has a two-storey retail wing (about 34,000 sq ft) in one of its towers. All units come with the full works – branded appliances, air-conditioning units, hot bath systems and kitchen cabinets.
We have compiled some information relayed to us by property agents and industry insiders about the property. WARNING: we have not independently verified this information, so use at your own risk.
St Mary Residences Pricing Information
The launch price ranged from RM940-1,200 psf, but this has appreciated to around RM1,300 psf (in asking price) in the recent months. Even at this premium the development was very well received during its launch in the middle of 2009 where 80% of its units were sold in about ten days. Firmly in the upper tier in terms of pricing even among luxurious KLCC condos, it remains a favorite among local and foreign real estate investors alike who expect high rental yield as well as capital appreciation. However, the large supply of upmarket condominiums (especially in the KLCC area) – both in the present and also in the future – will be a dampening factor in future price hikes.
At the time of writing, the block with the MAS building view is still under construction (price around RM1,250 psf), while those with the premium Petronas Twin Towers view are fetching as much as RM1,500 psf. Is this fair price? Find out using our property valuation guide which you can download here for free.
The chart below shows the trended asking prices for St Mary Residences for the past few months as reported by GoodPlace.my’s Pricing Tracker –
Location, Location, Location!
St Mary Residence is on Jalan Tengah (right next to Jalan Raja Chulan). It has the advantage primarily because of its location which is right in the middle of the Kuala Lumpur City Centre (KLCC). Located right in the heart of Kuala Lumpur, this condominium is just minutes away from upmarket restaurants, trendy night spots, shopping malls and more. To many, its proximity to the major business districts and office towers is an advantage. To others, St Mary Residence’s iconic location near the famous Petronas Twin Towers is a major plus point.
St Mary Residences have got a GoodPlace Walkability Score of 82. To find out more about this score, and to download a free KLCC walkability map, click here.
The area surrounding St Mary Residence is populated rather densely. Hence if you are looking for a spacious surrounding then this serviced residence might not be ideal for you. Also, the clubbing area of Jalan P Ramlee is quite close by, and if you like clubbing then St Mary Residence’s location might be an advantage for you. Otherwise you might be annoyed by the loud music and the crowds in the evenings and especially weekends.
This map below shows the closest amenities to the St Mary Residences are. It’s interactive; do play around with the icons on the right. 🙂
[poiautomap address=”St Mary Residences, KLCC Jalan Sultan Ismail Kuala Lumpur Federal Territory of Kuala Lumpur” zoom=”15″]St Mary Residences[/poiautomap]
We like St Mary because it is what it says on the tin – an upmarket apartment in the middle of the city. There’s also retail space in one of the towers which will add further value to the development. Also, with a brand name developer in the form of E&O (the hospitality specialist behind the Eastern & Oriental and Lone Pine Hotels in Penang and E&O Residences next door) we can expect five star quality in terms of service and workmanship.
We also like the aesthetics of the design; the glass panes which allow natural lighting to shine into the building is rather unique. Also, there are some nifty little features inside each unit (such as washing machine and dryer “camouflaged” behind a cabinet door) is icing on the cake.
We do expect the asking price to nudge upwards into the region of sub RM2,000 PSF especially with the launches of other branded luxury residences such as The RuMa on Jalan Kia Peng (and St Regis in Sentral). To check if this is a fair price to pay for a unit at St Mary, use our easy valuation guide below.